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London close: Gains trimmed as nerves set in ahead of Fed decision

Mon 17th Jun 13, 16:48

Benjamin Chiou

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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FX round-up: Dollar tracks US equities higher

The dollar rose against the Japanese yen, snapping a four day losing streak, as US equities recovered from earlier weakness on Monday to end the day with solid gains. 59 minutes ago

Commodities: Crude settles lower as geopolitical focus dominates

Crude oil futures settled in the red on Monday as investors assess the US government's decision to supply arms to the rebels in Syria. 59 minutes ago

US close: Stocks recover from late day swoon

Crude futures back off from recent highs; Equities recover from late afternoon swoon; Housing activity at April 2006 highs 9 hours ago

Europe close: Stocks bounce a tad further ahead of Fed meeting

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 13 hours ago

New Renold boss shows his faith after buying 1.5m shares

A round-up of the biggest director buys today so far. 15 hours ago

Sector movers: M&A activity lifts telecoms higher

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. 15 hours ago

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Traders' views

Expect GBP, CAD & AUD weakness

By Ronnie Chopra

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.

GBP 
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.

Emerging Markets Hurt On Fears Over Reduced Liquidity/Slowing Growth

By Ishaq Siddiqi

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.

All asset classes seem unloved at the moment

By Ronnie Chopra

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.

How markets react to levels and zones of support and resistance

By Paul Wallace

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.

Aim stock to watch: Hydrodec (HYR)

By Andrew Hore

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.

Trading Videos

June 17th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist

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