The Forex Daily Digest – August 5, 2009
The stock market took off for a bit of a run again yesterday. More buying in bank and financial issues and a Caterpillar-led gain for industrials helped stocks close slightly higher, although a pullback for utilities limited the day's trading. Insurers, financials and even REITs have all shown some strength. Earnings reports are, of course, the biggest driver of this recent stock growth.
In the end, the Dow Jones industrial average ended the day 33 points higher finishing at 9,320, which is the highest point since the end of last year. The S&P 500 gained 3 points, and also finished at the highest point since November. The NASDAQ composite was up nearly 3 points. Speculation persists that the equities are overbought and could be in for a fall.
Gold futures increased yesterday for a fourth straight trading day, reaching its highest level in two months. The USD remained at a 10-month low because of a forecast that reported that global central banks will sell the lowest amount of gold in 15 years this year. GFMS of London said this week that participants of the Central Bank Gold Agreement are expected to sell about 140 metric tons this year, which is the lowest level since 1994.
Oil futures fell below $71 a barrel, giving up some of the previous session's advances, as falling stock-index futures and expectations of rising supplies ruined the sentiment in the energy markets.
The USD traded near the weakest level against the EUR since December because of less demand for safe-havens prior to the ADP report forecast by economists to show U.S. companies eliminated fewer jobs in July. The USD lost all of its advances against the EUR yesterday as the National Association of Realtors reported that pending home sales increased 3.6 percent in June after a revised 0.8 percent gain in May. The median forecast of was for a 0.7 percent advance.
The CAD fell 0.7 percent to C$1.0729 against the USD yesterday as Canadian Finance Minister Jim Flaherty said he was concerned about its “rapid” appreciation. The loonie reached C$1.0633 which is the strongest level since last October.
The ANZ National Bank Ltd announced that New Zealand’s commodity export prices were little changed in July after advances in world markets were all but wiped out by the stronger currency. The NZD has increased 32 percent against the USD in the past six months, limiting exports that make up 30 percent of the country’s economy.
Today you can expect a number of significant U.S. economic reports, including the July reading on private-sector employment from payroll services firm ADP and the Institute for Supply Management's services sector index. Also look for the Factory Orders index for June and the weekly Crude Inventories report.
In earnings today, Dow component Procter & Gamble reports quarterly results this morning. Other earnings schedule today include Cisco Systems, News Corp, Foster Wheeler AG, Dean Foods, Kelly Services, Owens Corning, Allstate Corp, HealthSouth, and Murphy Oil.
I don’t have to tell you that today’s economic times are tough; many people are using the Forex to supplement their incomes. Get the education you need through the daily JDfn Internet broadcasts, in-house training classes, educational DVD sets or individualized coaching sessions. It’s all available to you through the JDfn. Get started today. Have a profitable trading day today and I’ll see you tomorrow with another Forex Daily Digest report.
Happy Trading,
James Dicks
In the end, the Dow Jones industrial average ended the day 33 points higher finishing at 9,320, which is the highest point since the end of last year. The S&P 500 gained 3 points, and also finished at the highest point since November. The NASDAQ composite was up nearly 3 points. Speculation persists that the equities are overbought and could be in for a fall.
Gold futures increased yesterday for a fourth straight trading day, reaching its highest level in two months. The USD remained at a 10-month low because of a forecast that reported that global central banks will sell the lowest amount of gold in 15 years this year. GFMS of London said this week that participants of the Central Bank Gold Agreement are expected to sell about 140 metric tons this year, which is the lowest level since 1994.
Oil futures fell below $71 a barrel, giving up some of the previous session's advances, as falling stock-index futures and expectations of rising supplies ruined the sentiment in the energy markets.
The USD traded near the weakest level against the EUR since December because of less demand for safe-havens prior to the ADP report forecast by economists to show U.S. companies eliminated fewer jobs in July. The USD lost all of its advances against the EUR yesterday as the National Association of Realtors reported that pending home sales increased 3.6 percent in June after a revised 0.8 percent gain in May. The median forecast of was for a 0.7 percent advance.
The CAD fell 0.7 percent to C$1.0729 against the USD yesterday as Canadian Finance Minister Jim Flaherty said he was concerned about its “rapid” appreciation. The loonie reached C$1.0633 which is the strongest level since last October.
The ANZ National Bank Ltd announced that New Zealand’s commodity export prices were little changed in July after advances in world markets were all but wiped out by the stronger currency. The NZD has increased 32 percent against the USD in the past six months, limiting exports that make up 30 percent of the country’s economy.
Today you can expect a number of significant U.S. economic reports, including the July reading on private-sector employment from payroll services firm ADP and the Institute for Supply Management's services sector index. Also look for the Factory Orders index for June and the weekly Crude Inventories report.
In earnings today, Dow component Procter & Gamble reports quarterly results this morning. Other earnings schedule today include Cisco Systems, News Corp, Foster Wheeler AG, Dean Foods, Kelly Services, Owens Corning, Allstate Corp, HealthSouth, and Murphy Oil.
I don’t have to tell you that today’s economic times are tough; many people are using the Forex to supplement their incomes. Get the education you need through the daily JDfn Internet broadcasts, in-house training classes, educational DVD sets or individualized coaching sessions. It’s all available to you through the JDfn. Get started today. Have a profitable trading day today and I’ll see you tomorrow with another Forex Daily Digest report.
Happy Trading,
James Dicks
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