EUR/GBP Broke its Trend Line, Will GBP Strength Continue?

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EUR/GBP Broke its Trend Line, Will GBP Strength Continue?

Post  harpal1980 on Tue Jan 19, 2010 11:13 am

The U.S markets were closed yesterday, allowing participants to review their portfolios after Fridayís sell-off. The major indices dropped throughout Fridayís session despite better than expected reports from J.P Morgan and Intel. Intelís shares jumped following their release on Thursday after the closing bell, but quickly erased all its gains on Friday, as the broader market weighed on the stock. The semiconductor giant announced a better than expected earnings of $0.40 per share.

It was the financial sector this time round that weighed on Fridayís session, closing with a loss of -2.03%. Technologies dropped by -1.39% for the day. The S&P500 closed the session in red but found minor support on 1130 points.

Even though the U.S markets were closed yesterday due to Martin Luther King holiday, the European and Asian markets still presented a volatile session. Japanís sentiment fell to a six month low in December, showing investors that recent government efforts are wearing off. The confidence index dropped to 37.6 last month from 39.5 in November. Even though Japanís economy has recently showed improvement, one must note that the economy is still trying to pull out from its deflationary problems.

The Asian market dropped lower yesterday and continued to trade in negative territory Tuesday morning. Even though the markets opened on a negative note, the direction could change throughout the week, sending the indices to close another week in green. Last week was the Nikkeiís 7th positive trading week.

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