UK 100 Spreads Maintain Strength Despite Weakness on US Stocks
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The regular Financial Markets Update from Simon Denham of Financial Spreads.
For today's update >> Financial Markets.
Spread Betting 26 October 2011
This morning, the UK 100 is continuing to hold above the 5500 level despite the weakness seen on the US markets last night.
We are seeing a certain amount of selling from our spread betting clients but the jury still seems to be out ahead of the outcome of today’s summit. The big question for today is whether the summit will provide the catalyst for the next major move to the downside.
So as we await the outcome of the meeting, we can also check up on corporate earnings which remain in rather good shape on the whole.
From an economic data point of view it's another day that is dominated with US releases as we get durable goods and new home sales around lunch time London time.
The euro remains strong on the forex spread betting markets today of all days where again you'd maybe expect a bit of selling to cover long positions.
Not the case this morning as the single currency is just in the black against the dollar, trading at $1.3935 at the time of writing. Support and resistance for EUR/USD is seen at $1.3850/10, $1.3750 and $1.3955, $1.3985, $1.4020 respectively.
For cable, sterling still has the upper hand and is sitting above the $1.6000 level at $1.6025 at the time of writing. For GBP/USD, support and resistance is seen at $1.5900, $1.5850 and $1.6050/90, $1.6120 respectively.
Gold saw a huge jump yesterday as investors sought the precious metal as a safe haven ahead of today's summit.
The weak consumer confidence numbers from the US were also seen as a driving force behind the surge.
The rally of 2.5% puts the bulls back in control of the yellow brick and this morning that buying momentum is continuing as we're another $12 towards the heavens at $1712.
Key levels to watch for gold now are $1690/72/59 to the downside and $1725/30 to the upside.
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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'UK 100 Spreads Maintain Strength Despite Weakness on US Stocks' edited by SD, updated 26-Oct-11
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