Currencies at Critical Support, Rate Decisions Ahead!

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Currencies at Critical Support, Rate Decisions Ahead!

Post  harpal1980 on Mon Oct 05, 2009 4:53 am

Volatility returned to the markets last week as the bears took control pressing the sell button, to drive the indices lower. The S&P 500 started the week on a positive note but closed with a weekly loss of 1.84%. The Nasdaq, known to be the stronger index, also felt the pressure during the week and closed with a loss of -1.87%. Even though the major indices presented lackluster movement during the first half of the week, fundamental data sparked major volatility sending the indices lower. Selling pressure was felt first during Thursday’s U.S stock session as Initial Jobless claims showed that 551k people had filed for unemployment benefits, exceeding market expectations. Furthermore ISM manufacturing added to the sell-off showing a worse than expected figure. Even though the benchmark S&P 500 index received a major blow Thursday losing 2.6%, it was able to hold its 50 day moving average. To date it is poised to bounce after falling almost 6% since its high of 1080, earlier this month.

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