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EUR/USD Update – U.S. Stocks Decline for Third Day Before Economic Reports



Good day forex traders and readers.

It is midweek and I hope you are doing fine. A word of caution goes out for the EUR/USD traders. It is apparent that negative sentiments are lurking in the markets. The currency pair dipped earlier and is now trying to regain loss ground. It is below the major resistance of 1.36 for now and is struggling to edge upwards.

The equities market which I often observe for clues to sentiments paint a similar situation. Read the bloomberg report below :

U.S. stocks declined, giving the Standard & Poor’s 500 Index a third day of losses following its latest record, as investors await economic reports this week for clues on when the Federal Reserve will reduce stimulus.

Krispy Kreme Doughnuts Inc. (KKD) plunged 17 percent after quarterly revenue missed analysts’ estimates. Yum! Brands Inc., the owner of KFC and Pizza Hut , fell 2.2 percent after releasing a financial update that showed volatile Chinese sales. Apple Inc. (AAPL) rose 1.5 percent after buying data-analytics firm Topsy Labs Inc.

The S&P 500 declined 0.2 percent to 1,797.39 at 10:30 a.m. in New York . The Dow Jones Industrial Average dropped 60.48 points, or 0.4 percent, to 15,948.29. Trading in S&P 500 stocks was 3 percent above the 30-day average at this time of day.

“It’s really a mixed picture right now,” Dan Veru , the chief investment officer who helps oversee $4.5 billion at Palisade Capital Management LLC, said in a phone interview from Fort Lee , New Jersey . “In the absence of any bigger data, investors are grasping for these little bits of micro data in trying to develop a conclusion. Any market that’s appreciated as much as the stock market has this year is going to be vulnerable to sell-offs.”

U.S. stocks fell yesterday as data showing manufacturing unexpectedly rose last month bolstered the case for the Fed to start curbing stimulus. A separate report indicated spending on a Black Friday weekend fell for the first time since 2009. Data Watch

Data today indicated online sales on Cyber Monday rose 21 percent from a year ago for a single-day record. Reports on car sales indicated that Ford Motor Co. and Chrysler Group LLC registered November U.S. sales gains that exceeded analysts’ estimates as dealers boosted year-end […]

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