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Market Analysis: EURUSD and SPA35: Business : Nigerialog.com - Nigeria's Premier Online Forum

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Market Analysis: EURUSD and SPA35

By: alagbe003 (M) |Time : June 14, 2018, 10:06:01 AM
SPA35 (IBEX 35)

The index comprises of 35 most liquid Spanish stocks traded on the Madrid Stock Exchange General Index. The index was founded in 1992 and the market capitalization as at December 2015 was €962.1 billion. The prominent members of the index include Siemens Gamesa Renewable Energy (manufacture and assembly of capital goods), Gas Natural (electricity and gas), Telefónica (telecommunications), BBVA (banking services).
Spanish stocks closed as a perfect doji as positive inflation data from Spain boosted the index but was perfectly countered by losses in the Financial Services & Real Estate, Building & Construction and Telecoms & IT sectors.
The instrument traded between support and resistance level in the session opening and closing at 9894.

Today, the instrument opened below the pivot and gapped down on a day with no major economic data from Spain. Market sentiment is expected to be dictated by the European Central Bank Press Conference by 1:30 pm today. The ECB press conference is expected to give an update on the unwinding of the Quantitative Easing in the Zone with Spain being one of the major beneficiaries of the program. Spain had to apply for a €100 billion rescue package as a way out of the Great Spanish Depression and the Country is yet to recover fully.

Re: Market Analysis: EURUSD and SPA35

By: alagbe003 (M) |Time : June 14, 2018, 10:06:50 AM
EURUSD
The Federal Reserve Bank of the US hiked rates by 25 basis points for the second time this year. Yesterday’s increase in Fund Rate was the seventh time the Bank was hiking rate since the beginning of the rising rate cycle in December 2015. This decision sparked life into the weakened Greenback but the optimism was short-lived as market sentiments shifted to the highly awaited European Central Bank’s Press conference scheduled for today. The Greenback came under pressure as the White House prepares to unveil more tariffs on $50 billion worth of Chinese goods resuscitating trade wars sentiment.

Today, the instrument opened above the pivot and is trading northward on 1H and 4H timeframes ahead of the highly anticipated Press Conference by the President of the European Central Bank, Mario Draghi as well as retail Sales data from the US by 1:30 pm.
The Greenback is expected to be pressured by the fresh tariffs on Chinese Imports despite the hawkish decision of the Federal Reserve Bank Yesterday. The Governing Council meeting of the ECB today is not expected to rate hike but any hawkish tone from Draghi will further strengthen the Common Currency hence the current bullish run (buy) is expected to continue.

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