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European markets ended lower while the US markets are trading in the red as investor sentiment was dented following disappointing US economic data. Earnings reports from some major US and European corporates will attract market focus.
European markets are expected to open mixed on Wednesday. Market participants are likely to eye the preliminary manufacturing and services activity data to be released across the Eurozone. Additionally, a slew of corporate earnings reports will keep traders on the edge.
European markets closed higher and the US markets are trading in positive territory as investor sentiment received a boost following fresh M&A activity in the pharmaceutical sector and after data indicated an increase in Eurozone consumer confidence and a rise in US house price indices.
At stake in the Scottish independence referendum on Sept. 18 is not just the future of a 307-year-old union with England but also the stability of a currency — sterling — that is still ranked by the International Monetary Fund as the world’s third most important reserve money after the dollar and the euro. The pro-independence side has made strong gains on the unionists and markets haven’t priced in possibility of separation of the UK, says David March.
European markets are expected to open in positive territory on Tuesday following a long Easter holiday period. Traders will keep an eye on a slew of corporate earnings reports along with Eurozone consumer sentiment data which is expected to show an improvement for April.
Weekly Trading Forecasts on Major Pairs (April 21 - 25, 2014)
EURUSD Dominant bias: Bullish This market has been moving sideways for days without going in a directional move. However, the bullish bias is still valid because the price has been able to stay above the strong support line at 1.3800. Any movement below that support line could mean the end of the bullish bias. Really, the odds of the price moving upwards are very high when momentum returns to the market. For the bulls, there are targets at the resistance line of 1.3900 and 1.3950.
USDCHF Dominant bias: Bearish Although the current situation on this pair can still be termed as being bearish, the situation is highly precarious. The bearish outlook is under a serious threat because the pair has been moving slowly, but steadily upwards recently.
European markets closed higher and US markets are trading mostly in positive territory as a less-than-expected rise in US weekly initial jobless claims and a rise in the Philadelphia Federal Reserve's manufacturing activity indicator lifted investor sentiment.
