U.S will kick off their trading week with a major economic data release on Monday which is Core durable good order. On Tuesday, investors will look at the Core confidence. Wednesday, will focus on pending home sales followed by preliminary GDP data and Unemployment Claims numbers are due on Thursday which will give more insight about the US economy. Finally, Personal Income data will take traders attention on Friday.
The FTSE 100 index has broken its upward wedge on a 60 minute time frame. This confirms that the upward trend is losing its steam and the bias could still be to the downside. Moreover, the price is also trading in a downward channel (shown by yellow lines) and there is more pressure to the downside within this channel. The reason for this is reflected by the price by touching the lower line of this channel three times and touching the upper line of this channel only two times.
Fundamental Analysis
Durable goods order raised tapering questions again
Precious metal has topped its psychological level of $1400 and if this move can continue any further depends on some important fundaments. Bad news is a good news phenomena which has been the theme for the shining metal failed to astound investors yesterday. The final reading for the US durable goods which showed a decline of 7.3% was so dreadful that investors are even more confused where they stand on the tapering agenda and started to question the recovery in Q3. However, if the tapering will have any meaningful impact due to the dreadful durable goods number, is still a question, given that this economic data has a tendency to be extremely volatile.
Industrial profit for Chinese firms failed to push Europe higher European stock markets are trading lower during the early hours of trading. Investors have congregated their momentum from the Asian trading session where all of the indices closed lower with the exception of Shanghai . The index managed to score some gains on the back of the…
