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European equities are nicely positive this afternoon as a US dollar recovery aids the plethora of stocks across the region with foreign earnings. The rally for the global reserve currency follows a morning of unfavourable European macroeconomic data; a disappointing ZEW expectations survey print for Eurozone powerhouse Germany and an ominous forecast from the UK’s ONS that public borrowing will deepen have hurt the Euro and Sterling, respectively. All of this comes just two days before the start of the Fed’s annual Jackson Hole symposium, which will include an eagerly awaited speech from ECB chief Mario Draghi which many hope will outline the central bank’s plan to taper its QE programme.
The UK 100 is being led higher by stocks benefitting from the USD rally, including Shell, Miners (aided by BHP Billiton and Antofagasta results), HSBC and select Pharmas SHP & GSK). This is more than offsetting the impact of Provident Financial share’s cliff jump (as much as 75% lower today). The German DAX’s army of exporters are benefitting from the weak Euro, with only Volkswagen (Ford push in China) and Tyssenkrupp (peer profits warning yesterday) in the red.
The UK Index 100 is challenging 2-week falling highs resistance at 7385. The DAX 30 has extended its bounce from 12020 support. Dow Jones Futures are mounting a second attempt on intersecting resistance at 21795. Gold is suffering from the USD strength, extending its fall from Friday’s foray above $1300.
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The UK Index 100 is challenging 2-week falling highs resistance at 7380.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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The DAX 30 has extended its bounce from 12020 support having broken through 12140 falling highs resistance this morning.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Dow Jones Futures are mounting a second attempt on intersecting resistance at 21795.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Gold is suffering from the USD strength, extending its fall from Friday’s foray above $1300.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
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