IIFT Daily Note with Peter Brown

More good news in the US

Posted by:  |  Time: 8:03 am  |  Topic:
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Us market is showing good signs of recovery. Strong Retail sales figures yesterday confirm this trend. Market had a muted reaction to the figures initially but rallied hard at close. Another new high for the year and no end to the rally in sight. 1565 is next target for the June future.

Interesting day for Europe. Leadrers meet to discuss Deficit targets and the way forward economically at the summit. Could there be a sea change to Euro policy and an easing of austerity targets? This sort of outcome could have dramatic effects on bourses and FX rates. Details may not come out until this evening so be very careful of any positions on FX this evening.

Levels for today are S&P 1548 support 1553  1565 June future

Euro broke out to the downside yesterday 1.2950 gave way. However we are back above there this morning and the DAX is higher. You need to wait for mood here. Support is at 1.2900  resistance at 1.2980 could go either way. With the EU leadrers summit on I am wary of trading the IBEX today. So going to leave it alone after yesterday’s nice winner.

Still like USD/JPY.

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