Equity Market Rally Fizzles as Traders Await Auction Results
Equity futures surged to the upside after the U.S. opening in follow-through buying after a strong finish in Asia and Europe overnight. Asian traders were celebrating a recovery in the Shanghai Composite Index. European traders were buying aggressively due to better than expected earnings. After an initial thrust to the upside in the U.S. markets following the opening, buying dried up as traders became concerned about today’s Treasury auction. In addition, buyers became scare in the September
Meaningful crossover in the EUR/USD
EUR/USD Commentary and Trade Ideas After toying with the 1.40 level in the Asian and Euro sessions the pair has since recovered and is currently trading a little above 1.4060. There is a mixed variety of economic news this morning which has failed to satisfy either the bull or the bear. In retrospect yesterdays US stock market action was a lot better than expected and opening calls this morning are for better numbers. Current equity strength creates a longer term risk, taking money away from