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You'll receive my 3 Part Ebook series 'The Forex Decoder' which covers everything from the history of Forex, to revealing the most consistently profitable indicators you'll need in your Forex arsenal. I've sorted the 'wheat' from the 'chaff' so you don't have to make the same mistakes as I did when I first started.
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Yours 'Forexly',
Cliff
I'll be posting regular market updates from well respected Forex experts and showcasing the best Forex advice and systems, so you don't have to waste fruitless hours searching for it yourself!
Add me to your 'Favourites' now and as a special thank you, I'd like to give you 4 fantastic FREE gifts by simply entering your details on the right of this page >>>
You'll receive my 3 Part Ebook series 'The Forex Decoder' which covers everything from the history of Forex, to revealing the most consistently profitable indicators you'll need in your Forex arsenal. I've sorted the 'wheat' from the 'chaff' so you don't have to make the same mistakes as I did when I first started.
You'll also receive a copy of Mark Nelson's famous '7 Habits Of A Highly Successful Trader' which will prove an indispensible aid in your Forex career, as it has done in mine.
Just enter your details on the right and get these 4 fantastic gifts absolutely for FREE >>>
Yours 'Forexly',
Cliff
Simon Denham's Daily Market Comment
Picking up from where we left off last week, the decline in global
equities is ongoing this morning as China announced its lowest economic
growth target since 2004. They cut their growth target from 8 percent
to 7.5 percent which has concerned investors worldwide.
In shores closer to home, Spain has stated that they could slip back into recession today just in time to show that European retail sales have declined for a third consecutive month. Lets not forget about the elephant in the room that is Greece, they’re still in the headlines too, as we await this week to see how their fate will be decided by a small group of their private creditors. They will have to decide whether or not to accept a 75 percent haircut on their bonds in return for a mixture of new long-term Greek bonds. If more than a third of them reject the deal then their whole bailout will collapse, which would be a real concern for the wider eurozone picture.
In other news, Vladimir Putin claimed victory in the Russian presidential elections last night despite rumours of vote fixing. The news is that some investors see his re-election as potentially quite positive as it could ignite their economy with large investment projects and privatisations.
The weight on Friday’s session came mainly from weakness in the mining sector, dragging the UK blue chip index down to 5911.1. The situation on the other side of the Atlantic wasn’t much more exciting with the Wall Street ending the day flat and the broader S&P index losing 0.3 percent as investors banked their recent gains and looked for the next guide.
It’s going to be a bit of a tumbleweed moment at the start of the week as far as economic data goes with all eyes focussed on the Bank of England meeting on Thursday and Friday’s Non-Farm payroll numbers. The only release today will come in the form of February’s Market/CIPS British Services report, being released at 0928 GMT, and from across the pond January US factory orders and revised durable goods orders are released at 1330 GMT and February US ISM non-manufacturing index due at 1500 GMT.
March so far hasn’t been great for the euro as it has been on a constant decline against it’s peers. Despite the ECB’s liquidity operation countries like Spain and the Netherlands aren’t doing much for the cause saying there is a possibility for more austerity measures to keep their shortfalls under control. After Germany announced that their retail sales declined we have the bigger European sales data out today which is also likely to have an effect on the single currency. This morning the euro is trading down against the dollar at 1.3190. Depending on the result for Greece this week we may see further falls unless the news is good.
When Ben Bernanke failed to mention the possibility of a third bout of asset purchasing in his speech last week investors decided to dump their gold holdings as demand for an alternative asset eased. Instead, traders decided to reinvest their cash into the US dollar as it appeared the US economy was on the mend, further damaging the precious metal’s price. All in all the yellow brick shed 5.8 bucks to close at 1712.2 ending the week on its knees after the horrific slump on Wednesday. At time of writing, things aren’t looking any better with a bar of gold sitting at 1706.9.
Concerns over supply issues for crude were eased on Friday as Saudi officials brushed off rumours about an oil pipeline explosion, sending prices of a barrel plummeting. Another factor was the fresh worries over European debt potentially hurting demand for black gold. In summary, it was a bearish session for the energy sector with no support offered from the greenback. Currently, the price of brent sits at 123.51.
In shores closer to home, Spain has stated that they could slip back into recession today just in time to show that European retail sales have declined for a third consecutive month. Lets not forget about the elephant in the room that is Greece, they’re still in the headlines too, as we await this week to see how their fate will be decided by a small group of their private creditors. They will have to decide whether or not to accept a 75 percent haircut on their bonds in return for a mixture of new long-term Greek bonds. If more than a third of them reject the deal then their whole bailout will collapse, which would be a real concern for the wider eurozone picture.
In other news, Vladimir Putin claimed victory in the Russian presidential elections last night despite rumours of vote fixing. The news is that some investors see his re-election as potentially quite positive as it could ignite their economy with large investment projects and privatisations.
The weight on Friday’s session came mainly from weakness in the mining sector, dragging the UK blue chip index down to 5911.1. The situation on the other side of the Atlantic wasn’t much more exciting with the Wall Street ending the day flat and the broader S&P index losing 0.3 percent as investors banked their recent gains and looked for the next guide.
It’s going to be a bit of a tumbleweed moment at the start of the week as far as economic data goes with all eyes focussed on the Bank of England meeting on Thursday and Friday’s Non-Farm payroll numbers. The only release today will come in the form of February’s Market/CIPS British Services report, being released at 0928 GMT, and from across the pond January US factory orders and revised durable goods orders are released at 1330 GMT and February US ISM non-manufacturing index due at 1500 GMT.
March so far hasn’t been great for the euro as it has been on a constant decline against it’s peers. Despite the ECB’s liquidity operation countries like Spain and the Netherlands aren’t doing much for the cause saying there is a possibility for more austerity measures to keep their shortfalls under control. After Germany announced that their retail sales declined we have the bigger European sales data out today which is also likely to have an effect on the single currency. This morning the euro is trading down against the dollar at 1.3190. Depending on the result for Greece this week we may see further falls unless the news is good.
When Ben Bernanke failed to mention the possibility of a third bout of asset purchasing in his speech last week investors decided to dump their gold holdings as demand for an alternative asset eased. Instead, traders decided to reinvest their cash into the US dollar as it appeared the US economy was on the mend, further damaging the precious metal’s price. All in all the yellow brick shed 5.8 bucks to close at 1712.2 ending the week on its knees after the horrific slump on Wednesday. At time of writing, things aren’t looking any better with a bar of gold sitting at 1706.9.
Concerns over supply issues for crude were eased on Friday as Saudi officials brushed off rumours about an oil pipeline explosion, sending prices of a barrel plummeting. Another factor was the fresh worries over European debt potentially hurting demand for black gold. In summary, it was a bearish session for the energy sector with no support offered from the greenback. Currently, the price of brent sits at 123.51.
