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President Barack Obama

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					President Obama countered the negative session by stating

This Week‟s session were all about sentiment and official‟s expectations, as President Barack Obama and Fed Chairman Ben Bernanke addressed the nation regarding the recent economic crisis. Furthermore, recent action by the U.S had a major influence onThis Week‟s session were all about sentiment and official‟s expectations, as President Barack Obama and Fed Chairman Ben Bernanke addressed the nation regarding the recent economic crisis. FurEarlier session started off with China - U.S worries, as investors began to speculate that recent actions by the two governments could lead to a trade dispute between the two. One must note that the U.S has recently imposed tariffs on Chinese tire imports. During yesterday‟s session China released that it will open a probe regarding the possible dumping of subsidies of chicken and auto products from the U.S President Obama countered the negative session by stating, that job losses are bottoming out and that the new impositions will not spark a trade war. According to Bloomberg news, President Barack Obama stated that he is very optimistic about the U.S getting a set of rules in place that will prevent another kind of crisis that the U.S economy has experienced. Even though he did mention that the U.S economy is far from out of the woods, his overall tone was optimistic regarding the economic future. During yesterday‟s session Fed Chairman strengthened the presidents statement, mentioning that the currency recession has „very likely‟ ended. The statement helped the intraday session, driving the indices and sentiment higher. Unlike earlier sessions, economic data will have an influence on today‟s session, starting with released from the U.K. Their closely watched average Earnings Index + Bonus figure is expected to show a drop compared to last month‟s 2.5%, and should come out at 2.1%. Furthermore their unemployment rate is expected to jump to 8%. During the session the U.S will take the stage, releasing a wave of data, including; crude inventories, NAHB housing market index and industrial production. In addition, eyes will focus on the U.S‟s CPI figure, one should show a slight decrease. The Pound Gets Pounded

On the Forex market the Dollar presented a volatile session, bouncing up and down against counterparts. During the first part of the session the Dollar strengthened, but quickly lost its ground as the major pairs found support during the session. The EUR/USD pushed higher, while the Pound dropped throughout the second half of the session. The GBP/USD dropped dramatically, by over 100 pips after BOE Governor King Mentioned tin his statement that he‟s considering cutting reserve deposit rates as a “useful supplement” to monetary policy. Even though the better than expected housing and inflation data helped to cushion the fall, the GBP/USD closed the session down at $1.6490. The major mover of the week was the EUR/GBP, climbing higher by over 100 pips. As one can see on the chart below this pair broke its trendline and horizontal resistance levels. One should note that this pair is now out of range and could be heading for target thermore, recent action by the U.S had a major influence on the last two trading days, as the U.S imposed tariffs, causing tension between the U.S and China. Despite stumbling in the early going, stocks worked their way higher to log their seventh gain, in eight session. The S&P500 closed the session with a 0.13% gain, while the Nasdaq jumped by 0.52%. From a technical point of view the S&P500 continued to climb, within its recent trend, hitting its upper resistance level. the last two trading days, as the U.S imposed tariffs, causing tension between the U.S and China. Despite stumbling in the early going, stocks worked their way higher to log their seventh gain, in eight session. The S&P500 closed the session with a 0.13% gain, while the Nasdaq jumped by 0.52%. From a technical point of view the S&P500 continued to climb, within its recent trend, hitting its upper resistance level.


				
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posted:10/13/2009
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