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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
This
week has got off to a good start for the markets but a bad start for
our Dave with his party embroiled in a nasty backlash that could really
damage him, his party and the coalition which up until now has done well
to survive. But whilst politicians continue to use unhelpful rhetoric
towards business and in particular the banks they fail to keep their own
houses in order and most importantly fail to learn from other recent
mistakes of a similar nature. It wasn’t long ago that the current
business secretary was found boasting to journalists that he could bring
down the government, a comment which won’t have as much effect as what
was unveiled over the week end could possibly have.
Whilst
the Tories are embroiled by the recent comments made by their ex
co-treasurer, the FTSE has commenced the session by attempting to claw
back some of the losses from last week, but already it seems to have
given up the ghost. We opened over 20 points higher, but have been
quick to reverse these gains as the market is roughly flat at the time
of writing. Last week’s sell off doesn’t look to be attracting the
buyers in their masses just yet, and whilst we’ve seen retracements last
a short while so far this year this one just seems to have been a
little more prolonged. Clients have been buying into this dip expecting
the bounce to happen and considering the strength of the rally so far
in 2012 it’s not an unreasonable view to think that we could see another
run higher in this final week of the quarter.
But
we are all too aware of the hurdles in the way. Oil prices are one of
them and they remain stubbornly high with the tensions in the Middle
East ongoing. The prices at the pump are really starting to bite as
£100 to fill up most cars now is a considerable sum of money for cash
strapped families that are reliant on driving everywhere. It doesn’t
look like oil prices are going to crash at any point either and here in
the UK a fuel duty rise is due in August. Our George would have done
his sums for last week’s budget taking into account that duty is due to
rise later on in the summer and so it will be almost impossible for him
to reverse such a hike. £100 to fill up the tank might soon become £125
or even higher at this rate.
There
is little in the way of economic data today although US Fed Chairman
Ben Bernanke is making a speech at a business conference today and there
is US pending home sales this afternoon.
The
euro managed to end the week positively against the dollar, as weak US
data revealed new home sales declined for a second consecutive month.
The single currency was also helped on as French growth estimates were
revised upwards and also talks of EU policy makers combining two rescue
funds to make money more available to debt stricken countries. This
morning the euro is trading slightly lower against the dollar at 1.3250
and sees support at 1.3190 and resistance sits at 1.3290.
As
more news about Iran hit the news wires, demand for gold as a hedge in
times of havoc was boosted. This resulted in the yellow brick spiking,
closing the session at 1661.4, 18.4 bucks up on the day, which also
received assistance from the weaker US dollar. It still seems that
bargain hunters aren't using their full force after the drop from
February 29th high of 1790.0, so will it need to break the resistance of
1670.0 before any real buying power is seen? Currently the precious
metal is trading at 1665.9.
Crude
prices were driven higher on Friday after a report showing Iranian oil
exports had dropped by 300,000 barrels a day caused fear in the energy
markets. Investors showed their belief that it was just a matter of
time before issues in the Middle East bared its teeth again and Friday's
report showed that this was the case. At time of writing, Brent is
trading at 124.86.
