Managed Forex Accounts for savvy Investors

Market Review October 29th, 2014

October 29th, 2014

The EURO started the week on a positive note, gaining strength against the USD, while breaking its short-term resistance of around 1.27, and reaching a high of over 1.275. However, Asian trading started today with a slight decline of the EURO towards 1.273 levels. The pair is likely to find short terms support at around 1.620, and resistance at yesterday’s high of around 1.275.

The US market again closed on a positive note yesterday, with the DOW (+1.12%) and the S&P (+1.19%) rising. Quarterly reports season continued, with Twitter (-11%) and Facebook (-8% in afterhours trading) making most headlines.
Today at 18:00 will be the anticipated FED meeting, with an interest rate announcement, and rumored announcement of the termination of the FED’s bond-buying program. It’s likely that the rest of the week’s trading will be highly affected by today’s meeting, with negative results likely to cause the continuation of the USD’s weakening against major currencies.

Key Market data today:

10:35 – Germany: 10 – year bond auction.
12:30– CAD: RMPI.
18:00 – USD: FED meeting and interest rate announcement.
22:00- NZD: interest rate announcement.