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EUR/USD Update – U.S. Stocks Fall Amid Jobs Data, 2nd Day of Shutdown



Good day forex traders and readers.

As the US government enters the second day of shut down, the EUR/USD faces bullish pressure and is testing the resistance of 1.36. Should this resistance fail, we might be looking at an extended bullish target. Investors do not like sovereign problems and confidence towards the US will be affected. Read more below from Bloomberg :

U.S. stocks fell, after the Standard & Poor’s 500 Index rose the most in almost two weeks, as a private jobs report showed companies added fewer jobs than forecast and the government shutdown entered a second day.

BlackBerry Ltd. slid 4 percent after the smartphone maker said the cost to cut staff as it tries to sell itself will be four times its original forecast. Alcoa Inc. (AA) slumped 2 percent after Deutsche Bank AG lowered its rating on the aluminum producer. Global Payments Inc. (GPN) rallied 11 percent after boosting its earnings forecast.

The S&P 500 lost 0.6 percent to 1,684.35 at 11:05 a.m. in New York. The Dow Jones Industrial Average fell 111.06 points, or 0.7 percent, to 15,080.64. Trading in S&P 500 stocks was 4.9 percent above the 30-day average at this time of day.

“People thought there would be a deal struck in fairly short order and that is obviously not occurring,” Matthew Kaufler , a portfolio manager at Federated Investors Inc. in Rochester, New York, said by phone. His firm oversees $363.8 billion. “You not only have the current impasse, but you have the debt ceiling issue that is looming as well. In the short term, we are in for a choppy market.”

The benchmark gauge for U.S. equities climbed 0.8 percent yesterday, as investors speculated any economic effects from the first partial shutdown of the U.S. government since 1996 would be limited. The index rallied 4.7 percent in the third quarter and is 19 percent higher in 2013. No Talks

Equities plunged today after the first day of the federal work stoppage ended with no talks scheduled between the White House and Congress, making it more likely the standoff would merge with the fight over raising the U.S. debt limit.

A partial […]

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