qwest

U.S. Equity Markets Closed for President’s Day

Today’s Session Key Developments

•    European Union Officials Pressure Greece to Take More Measures to Cut Debt
•    Precious Metals Trade Higher, Greenback Rises Against European Counterparts

U.S. equity markets were closed today for the President’s Day Holiday.  Although stock prices were unchanged, the U.S. Dollar posted gains against its European counterpart for an eighth time in the last nine days.  Today, the exchange rate fell below $1.36 per euro for the first time since May 2009.  Investors remained pessimistic regarding the debt situation in Greece and concerned that the problems may spread into other nations.  European Union economics officials told Greece leaders that more steps need to be taken to reduce the country’s budget deficit.  Despite the concerns, European equities managed to close higher thanks to rising commodity prices and better-than-expected earnings reports.  As for U.S. markets, there is no major economic data released tomorrow to drive investor sentiment, but fourth quarter earnings will be released for Abercrombie & Fitch, Qwest Communications, and Teva Pharmaceutical.

DJIA 30                      10,099.14                      –.–                             -.–%

S&P 500                       1,075.51                       –.–                            -.–%

NASDAQ                       2,183.53                       –.–                            -.–%

Written by James Russell, CFDTrading Research
Please send any comments about this report to JRussell@fxcm.com