FTSE Spread Betting Market Recovers Quickly Despite Eurozone Concerns
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The regular Financial Markets Update from Simon Denham of Financial Spreads.
For today's update >> Financial Markets.
Spread Betting 11 October 2011
Despite banks in European being bailed out and the Eurozone remaining on a knife edge, the FTSE has risen back to the 5400 level in impressively quick time.
However, we seem to be once again at the technical analysis resistance level that has held up so much in the past. A failure to get above here will be the seventh attempt that the index has tried to overcome the resistance so it’s little wonder that we’ve seen some sellers of the FTSE overnight and this morning.
At the time of writing the FTSE is at 5390, having commenced the session a few points lower, so there seems to be a tentative attempt at regaining the 5400 level.
Today’s economic data highlights come in the form of UK industrial and manufacturing production.
The industrial element is expected to decline, unsurprisingly given the slow down of things globally and poor domestic demand. On the other hand, there was at least a slightly better than expected rise in the last PMI survey which might lend support.
Manufacturing too might benefit from that PMI data but month on month production is expected to be flat.
Later this evening there’s the FOMC minutes which should provide more detail of operation twist, but also whether there’s been talk of any other possible stimulus packages.
FX markets are broadly flat this morning with the Dollar not doing much. It’s weaker against the Euro and a little stronger against the Pound so not much to write home about.
Like the shares spread betting markets, EUR/USD has enjoyed a good rally in recent days but is finding it hard to maintain gains around the $1.3700 level.
A few failures there in the past make this the big resistance level for the pair to overcome and with it trading at $1.3665 at the time of writing it’s not far off possibly having a go.
Gold has been creeping gradually higher and is back around $1675.
Following the retracement, the commodity has not enjoyed a similar return to the highs that it has in the past and goes some way to shroud the bulls in doubt about the longevity of gold’s multi-year bull run.
The long term upward trend is still very much in tact, however if the bulls can’t retest the all time highs soon, momentum might just run out and we could test the recent lows again.
The above comments do not constitute investment advice and neither Financial Spreads nor Clean Financial accept any responsibility for any use that may be made of them.
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'FTSE Spread Betting Market Recovers Quickly Despite Eurozone Concerns' edited by SD, updated 11-Oct-11
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