IIFT Daily Note with Peter Brown

US versus Europe- no contest

Posted by:  |  Time: 7:25 am  |  Topic:
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The  prospects of the two economic zones could not be more divergent. US powered ahead yesterday after good economic data, yet Europe is mired is debt and destruction. Cyprus still has not opened it’s banks and the prospect for the economy is dire. Deposits across the Eurozone have been compromised and confidence has been lost.

This diversity is set to continue and we need different strategies for both markets.

S&P reached a new high yesterday and 1562 is today’s resistance 1550 1548 support.

Euro is a sell once it stays below 1.2890  1.2900    1.2660 is the target. Hard to see the Euro showing any strenght.

IBEX is a sell on bounces. USD/JPY is a buy, might be a bit lower before weekend but going up strategically.

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