Market Outlook :
This week will be quiet in the US in terms of data. Europe will be busy with French consumer spending expected to have rebounded in December.
The German ZEW index may have declined slightly as the rise of the euro dented business confidence. We expect the Bank of Japan to keep monetary policy unchanged.
Focus on Equities :
Last week equity markets have been marked by the revelation of some European corporate scandals and of course the start of the 4Q03 earnings season.
It is still too early to get a transparent impression about the impact of this earnings season's start. The technical, quantitative and qualitative outlook for the markets as a whole remains positive and we remain constructive on the market.
Foreign Exchanges :
The steep uptrend in the euro/dollar price since the start of November has been broken.
First target for the currency pair becomes 1.2290. Upticks to 1.2800 should be viewed as the pullback to the former support trendline and generated selling opportunities.
Below 109.00 the upside for USD/YEN is limited. Above this barrier, 2nd resistance comes in at 112.50. However, all upward moves are nothing more than corrections on the longer term downward direction. The target is still a level of 100.00 and below.
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An end to the dollar's rise?
- Monday, January 19 - 2004 at 15:58
The steep uptrend in the euro/dollar prive since the start of November has been broken.
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InternaxxMonday, January 19 - 2004 at 15:58 UAE local time (GMT+4)
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This article was updated on Wed Mar 28 2007.
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