Mon 17th Jun 13, 16:48
Markets started the new week on a positive note, though gains were trimmed by the close on Monday as traders refrained from taking too much risk ahead of the all-important policy decision from the Federal Reserve later this week.
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Crude futures back off from recent highs; Equities recover from late afternoon swoon; Housing activity at April 2006 highs 7 hours ago
Moody's says Portuguese fiscal goals within reach; Stocks mixed as investors ponder Fed policy; Spain's Economy minister says Q2 may be inflection point for economy 12 hours ago
A round-up of the biggest director buys today so far. 13 hours ago
Strong gains for Vodafone were lifting the mobile telecommunications category higher on Monday afternoon as news of M&A activity across the sector boosted share prices. 14 hours ago
Eastern Europe-focused home-credit business International Personal Finance was the best performing stock on the FTSE 250 on Monday after analysts at Renaissance Capital named it as their top pick in the financial sector in that region. 15 hours ago
The main US equity gauges have begun the day with a large bounce following the previous week's selling. 15 hours ago
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From a purchasing power point of view, Sterling above 1.50 USD seems difficult to justify and with Mark Carney taking the reins at the Bank of England from July we may already have seen Sterling's 2013 year high. Carney has been a strong advocate of more QE in the UK, which would drive Sterling sharply lower.
Sterling’s sharp rise against the US dollar has caught many by surprise, the currency has recovered from 1.51 USD in May to the current 1.57 USD level. However, the 1.57 level is proving difficult to cross and we won’t be surprised if the USD now begins to regain some ground and take Sterling back to below 1.55 USD over the next couple of weeks.
Fears over a reduction in global liquidity as central banks scale back easing measures sends emerging markets in a rout with slowing global growth adding to the malaise.
EM’s have been the biggest beneficiaries of loose global central bank money over the years; central banks around the world have pumped in $12trillion of extra liquidity since the financial crisis of 2008, preventing a systemic risk in the market.
Over the last few weeks global equity prices have fallen quite sharply, the FTSE 100 has fallen from 6875 which was reached on 22nd May (only 120 points from its all -time high set in December 1999) to the current level which is just above 6300 - an 8% fall in 3 weeks.
The Dow Jones Industrial Average Index has fared better, albeit still over 300 points lower now than its recent record high. The US benchmark index hit an all-time high on May 29th at 15542. The Nikkei index has experienced > 20% fall from 16,000 to 12,500 in a matter of a few weeks but it has since bounced to just above 13,000.
Lets look at what creates support and resistance levels in markets, using gold as an example. Just watching these levels is a good trading strategy.
In my last piece (I feel the need, the need…to slow down) I commented on several things that traders could do to help improve their understanding of markets in an effort to improve their own trading.
Cleantech oil refiner Hydrodec (HYR) is set to accelerate its growth through a joint venture deal with a major US-based electricity transformer oil recovery business. A new strategic partnership with G&S Technologies will propel Aim-listed Hydrodec towards profitability and help it to scale up its US operations.
Analysts at Edison believe that Hydrodec could move into profit in 2015 and this model could form the basis of geographic expansion.