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EU Bullet Report | GBP Plummets | Indices Rally
- GBP: Sterling fell against the dollar, euro and yen to extend its recent losses after British bank, HSBC, issued a warning on Wednesday that a Brexit would damage UK economic growth and potentially result in another 20% drop in the pound’s value against the dollar.
- Oil: Prices shifted further away from 34.25 resistance level in what could be a repetition of January’s peak and breakdown. As downside tendency emerges, $30 and support level at 27.55 come into focus once more. The oil bulls may consider an exit.
- Gold: An immediate support is at the 1200 level. All signs point to further consolidation so the bulls could hold on to their positions while adjusting stop loss rates.
- EUR/USD: After dropping sharply for the past two weeks, EUR/USD has tentatively settled in from Wednesday’s new three-week low under 1.1000. The euro has been pressured recently due to the increasing possibility that the European Central Bank (ECB) will soon act to implement additional monetary easing measures.
- Copper: Prices crashed to touch a support level at 2.0665. Shanghai Futures Exchange reported a record high warehouse stockpile, nearly double the August level.
- Indices: The S&P 500 (US500) climbed 1.1 percent to 1,951.70 erasing its February decline to advance 0.6 percent for the month. The Dow Jones Industrial Average (US30) added 212.30 points, or 1.3 percent, to 16,697.29. The Nasdaq Composite Index increased 0.9 percent.
*Report prepared by Nicolas Shamtanis.
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