by GoLearn Forex
2010 got off to a roaring start on Monday as Global Equity Markets surged on positive Manufacturing data in China and the U.S. On Wall Street, the DJIA gained 1.5% to close at 10,583.96 while the S&P 500 and NASDAQ were up 1.6% and 1.73% respectively. In Asia, markets are moving higher for a second day as the NIKKEI is up .25% and HANG SENG is currently up 1.91%, suggesting another good day for Wall Street may be ahead.
The Greenback was not as fortunate as it was offered throughout the day. With renewed confirmation from the U.S FED that rates will remain low for some time to come the Dollar slid, reversing the positive economic news to positive Dollar correlation we had seen since the end of November. The DXY closed Monday's session at 77.525. Gold gained nearly $24 on the day to close at 1,125.80 while Oil was the big story on the commodity front as it closed back above the elusive $80 resistance level to $81.51.
Economic releases today include the German Unemployment Rate as well as CPI for the Euro- zone. In Canada, Industrial Production figures are due out. In The U.S, Pending Home Sales are set to print. As the dollar remains offered to start 2010 expect that positive prints in the Euro-zone as well as Canada will push those pairs even higher today.
Upcoming Forex Events for January 5, 2010
EUR German Unemployment Change Forecast 6.00K Previous -7.00K
EUR CPI (YoY) Forecast 0.90% Previous 0.50%
USD Pending Home Sales (MoM) Forecast -2.80% Previous 3.70%
GBP Nationwide Consumer Confidence Forecast 73.00 Previous 73.00