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A Mixed Day For The Markets

By:
Sylvester Stephen
Updated: Sep 28, 2016, 09:29 UTC

It was generally a mixed day for the stock and the FX markets with no specific trend being visible in any specific pair or index. The USD strengthened

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It was generally a mixed day for the stock and the FX markets with no specific trend being visible in any specific pair or index. The USD strengthened against the Euro but weakened against the pound. The lack of an agreement between the Oil producers at the Algiers meeting caused a large fall in the oil price and this impacted certain pairs like the USD/CAD. All in all, it was generally a trendless and confused market yesterday.

The Nikkei has jumped by 184 points so far today morning on upbeat expectations about the economy and the general feel good factor that has been continuing since the BOJ policy announcements last week.

The USDJPY edged slightly higher but overall it continues to be range bound between 100 and 101. For the rest of the day, there is not much news to look forward to except that ECB President Draghi and Fed’s Bullard are expected to speak later in the day. Considering the trend so far this week, we do not expect these speeches to have much of an impact on the markets though.

The Euro is expected to continue to be range bound between 1.1150 and 1.1255 while the pound seems to have broken through the resistance at 1.3000 which should now act as support and cause the pound to move further northwards towards 1.3100. The EURGBP seems weak and ripe for a correction towards 0.8550 which should be seen as a correction of the larger uptrend.
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