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Spreadex Market Update

Thursday, July 11, 2013 - Afternoon Market Update
Lee Mumford
Lee _Mumford _100x 100

Euro markets continue to trade positively

European markets continue to trade in positive territory helped by comments last night from the US Federal Reserve. Ben Bernanke backed off from tapering talk and said the US economy will continue to need stimulus for the foreseeable future. The dollar dropped to the lowest in almost three weeks against the euro after Ben Bernanke’s comment last night. The initial move saw the euro rally from 1.28 to 1.32 against the dollar late yesterday evening. It has since recovered slightly to trade around the 1.3050 mark.

US stock futures are indicating a higher open following Bernanke’s comments. Bank of America and Canaccord raised their ratings on the processor maker AMD which could help the US technology sector when they open this afternoon.

WTI crude slipped form the highest level in 15 months after the International Energy Agency predicted that global oil supply will outstrip demand growth next year. Despite the move, WTI is now trading within $3 of Brent parity, creeping ever so closer on US economic optimism and lower inventory levels.

Meanwhile US jobless claims unexpectedly increased to a two-month high last week. First time claims rose by 16,000 to 360,000 in the week whilst many forecasted for a drop to 340,000.

The Trading Day and Week Ahead

For further information on the trading day ahead, take a look at our Financial Diary, which previews all the Economic Data due out to today and projected or previous figures.

Our Financial Diary is updated in real time as the figures are released throughout the day.

If you are unsure what different Economic Figures mean take a look at our Economic Indicators Explained guide.

For a look at the trading week ahead our Financial Diary also lists all the companies due to submit trading updates this week. Each Friday, our diary will preview the forthcoming week's economic indicators and company reports schedule.

For market trends and analysis, don't forget our charts have automatically generated support and resistance trend lines helping aid your financial spread betting with technical analysis. For more help on using our charts, view our Guide to Trading with Charts?


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