Greetings again, Everyone!
We arrive about 75 Minutes into The NYSE Open where the Dow and S&P Indices are varying from largely “Flat” to a bit of early Gains. Bernanke’s continued Testimony today will continue to play a large part in Equity sentiment today, as will the continued Roll-Outs during Earnings Season.
Our Thought on the MPC Minutes out of The Bank of England came to fruition as both Dynamic and Static Support Levels were hit, and Price Appreciation immediately cam back in to secure the same Levels once again.
Here are The Captures of both for a quick Reference, so give them a Click… and Post-Time is 14:45 GMT.
The Queen met and surpassed Lower static Support at the 1.6330’s where Price Appreciation on Prime Minister Brown’s and The BoE’s Rhetoric for a more “positive outlook” on The U.K. Economy provided the Impetus here. Our thoughts on the “decreasing likelihood” of additional Quantitative Easing gave he Pound a boost here… as even several hours later…we still “Anchor” at the 1.6380’s/1.6400 Supportive Areas.
As in our Pre-MPC Post last evening… The Pound Yen is literally taking The Queen’s lead here with a step of Depreciation to the lower 152.30’s Static Support back to the 153.20’s and finding “Safe Harbor” there for now.
In turning to The Euro… in my personal View the most “Directionless” Unit around… a “Catalyst” is surely needed to move Price out of Its Accumulating and Consolidating nature… ( of course, my thought here will be dependent on the Time-Cycles you prefer to work on…)
We still do have a “loose” Correlation of Sentiment with U.S. Equities and Gold and Oil… although the relatively “Flat” Hourly Descending Channel give us extensive Wicks of indecision to work with.
The Month-over-Month Housing Price Index comes in above Consensus, although the weak Year-over-Year Numbers largely negate this… so no real surprises there.
We now see one of my personal favorite Data Point Releases, as most of you know, The EIA Oil Inventory Builds… and those Numbers come in with Inventories slightly down while Gasoline and Distillate Builds are slightly higher than Consensus… and we see no real Market Reaction here concerning The Dollar.
All Eyes are now on Uncle Ben as we move along!…so more Updates to follow as usual!
I would like to point out something I have been aware of for quite a while through my good friend and FXstreet’s Chief Analyst, Valeria Bednarik, and her Work along with Alberto Munoz and Tatsuya Kawanishi of the FXstreet Content Team, on the new revamped FXstreet Tools Section and Area!
Having been around these woods here on FXstreet since early 2005… I have seen many deep improvements and changes come and go to the Content of the whole Site, and this is one of the most exciting!
To have these Tools revised and more effective in their Application will surely benefit all who use them!
Here is The Link so give them a Try!
http://www.fxstreet.com/forex-tools/
