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The markets opened yesterday characterized by low volume
By: iForex - 27-12-2007
0votesThe markets opened yesterday characterized by low volume, as financial firms extend their holiday throughout the week. Despite the lack of news and volume, certain currency pairs still managed to climb higher regaining recent losses. The Case Shilller price index released that home prices in 20 major U.S cities were down 6.1% on average over the past year. The news didn’t have much of an effect on the dollar as traders looked past the bad news, waiting for today’s data. The stock markets showed a similar lack of movement despite good news from Apple, as their shares hit $200, a price that has never been seen by this particular stock.
Gold and oil prices received a bounce on thoughts that shipments might be disrupted due to attacks by Turkish military on Kurdish rebels in northern Iraq.
Unlike yesterday, trader’s eyes will focus today on the economic calendar, as Initial Jobless claims and Durable Goods Orders are published- data that is always known to be market movers.
Euro | Japanese Yen | British Pound
Euro
After opening at $1.4384 this currency pair rallied up to an intraday high of $1.4412. Lack of volatility left this pair hovering around its intraday high for most of the session eventually closing at $1.4486.
Support: 1.4410, 1.4370, 1.4330
Resistance: 1.4500, 1.4520, 1.4550Euro | Japanese Yen | British Pound
Japanese Yen
The Dollar managed to creep higher against the Yen, opening the session at $114.08 .Due to the lack of movement from the stock market, the dollar lost its gains closing the session at ¥114.33
Support: 114.00, 113.50, 113.00
Resistance: 114.20, 114.80, 115.00
Euro | Japanese Yen | British Pound
British Pound
The pound continued to loose strength against the dollar yesterday after opening the session at £1.9818. Traders are still scrutinizing data from both countries as both economies situations remain dire.
Support: 1.9770, 1.9700, 1.9650
Resistance: 1.9880, 1.9900, 1.9920
Euro | Japanese Yen | British Pound
Next Analysis: Sterling dropped to a record low versus the euroContent Provided by:
iForex
iFOREX is an international group of Forex companies founded in 1996 by a group of bankers and Forex dealers.
In 2004, with an existing wide client base numbering in the thousands, our multilingual internet-based trading platform was launched. Since then, iFOREX has expanded its client bas
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