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Good day Koalas.
It is CASH THE PIPS FOR BEER day!
With the numerous data released today, we had quite a bullish run up.
As the week comes to a close, let us see how is the currency pair doing so far.
The EUR/USD continues it’s bullish momentum and tested the strong resistance of 1.3800. It has currently retreated to 1.3740. I love it when my chart works!
The S&P 500 made a new high today. This suggests strong positive sentiments. As of now, it has retreated to the 1140s.
Oil stabilizes around $80. Should it close above $80 this week, this may suggest a new phrase of economic recovery.
Gold continues with little activity, valuing at around $1108+.
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The US Core Retail Sales came in better than expected. Despite poor weather, retail sales were up. Investors see this as a sign of a recovering economy as consumers spend. It is useful to note that the US Core Retail Sales is up for most of the months recently, strengthening the indication of a stronger economy. This may contribute to the positive sentiments surrounding the American economy lately.
Having said so, we must be prudent as the US Unemployment Rate remains high at 9.7%, presenting one of the most difficult challenge to the US economic machine.
Over at the European Union, it has been reported that next week the EU finance ministers will discuss on the possibility of a Greece bailout using EU Bonds should the situation calls for it. It is my opinion that the Greek deficit crisis goes beyond a simple fix and hence be on a lookout for risk aversion should developments stall.
Bullish momentum may test 1.3800.
A bearish relief for the currency pair may bring us down to 1.3680.
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