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Bernanke´s Address and the Economic Data Generated Optimism

Discussion in 'Forex Daily News & Outlook' started by mercaforex, Aug 24, 2009.

  1. mercaforex

    mercaforex New Member

    Jul 1, 2009
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    By Mercaforex
    Last trading week the U.S. dollar went bearish. During Friday's trading session, the U.S. dollar lost ground against the Euro and major currencies, as stocks markets around the world became bullish. Wall Street reached its highest numbers since last November. The Dow Jones, the main index in NY went up 1.67%, and finished in an uptrend for the fourth consecutive time, reaching its highest figure for 2009. The Dow Jones advanced 155.91 points reaching 9.505.96 units and since the U.S. presidential elections, November the forth, we did not see this high numbers. Also the S&P 500 advanced 1.86% and closed at 1.026,13 points. While the NASDAQ gained 1.59% and reached 2.020.90 points, which means a weekly gain of 1.78%. Both indexes marked its best figures for 2009, and since this year begin the indexes accumulated gains of 13.6% and 28.15% respectively. This way, the U.S. stock market consolidated its uptrend that started last Tuesday.

    The market was boosted by the U.S. Housing Market figures, where registered an increase of 7.2% in sales of existing residential buildings for July. The Existing Home Sales, which determine the annualized level of existing residential buildings that were sold during the last month showed a number of 5,24 million, well above last reading of 4,89 million. As for today, there are no economic risky events on the calendar, and the U.S. dollar trend will be defined by the Euro and stock markets developments. But tomorrow the S&P/CS Composite-20 HPI will be issued, which determines the annual change in the average price of a single-family home in 20 metropolitan areas. The upcoming CB Consumer Confidence figures, which determine the mood of consumers in regards to economic conditions; and the House Price Index (HPI), which determines the quarterly change in the average price of residential properties are going to have a key role in the market's direction.

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