Nikkei Plunged Over 7%, European Market Mirroring Losses
AvaTrade | May 23, 2013 08:44AM ET
- EUR/USD - the pair has broken the rising channel towards the downside on a 30 minute time frame. The RSI is showing that the bias could be towards the upside.
- USD/JPY - the price action fell from its resistance level on a 30 minute time frame. This resistance level was given in our analysis on 20th of May. The price has bounced back up from its support zone
- GBP/USD - the price has broken the bearish channel to the downside on a 30 minute time frame. The RSI suggests bias could be towards the upside in the short term.
- Asian Markets plunged by logging the worst day of the year. The Nikkei 225 was the worst performer and closed with a loss of 7.3%
- European stocks are mirroring Asian markets with strong losses. The FTSE MIB is leading the losses and it is down by almost -1.91%.
- U.S. Indices closed sharply lower yesterday on Bernanke's Testimony. The NASDAQ was the worst performer, closing with a loss of -1.12%
- European Leaders finally have put more pressure to fight youth unemployment by announcing a 6 billion-euro package, Bloomberg reported
- The Chinese economic data showed that the country’s manufacturing is contracting in May which is for the first time in seven months.
- Most economists are forecasting that People bank of China could raise the interest rate rather than cutting them, Bloomberg reported
- Stops are your biggest friends so embrace them
- Gold sustained a highly volatile session yesterday after breaking the $1400 mark, albeit very briefly. The price action could be more biased towards the upside.
- Oil fell from its resistance level which we provided in our analysis, and the price is taking a breather near its support zone which was also provided in yesterday's analysis.
- VIX - Volatility index increased by 3.37% yesterday.
07:00 GMT
EUR - French Flash Manufacturing PMI
07:30 GMT
EUR – German Flash Manufacturing PMI
08:30 GMT
GBP - Second Estimate GDP q/q
12:30 GMT
USD - Unemployment Claims
14:00 GMT
USD - New Home Sales
20:30 GMT
EUR - ECB President Draghi Speaks
14:00 GMT
NZD - Trade Balance
Trend
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