US election the focus as risk remains under pressure
City Index November 5, 2012 2:30 PM
<p>The US election is now upon us and the market seems to have the view that the result is too close to call with fears […]</p>
The US election is now upon us and the market seems to have the view that the result is too close to call with fears of another Bush/Gore scenario keeping the market on edge as legal challenges and a repeat of the August 2011 haggling in congress are a real threat especially as the Fiscal cliff is debated and like the European sovereign crisis the market will not take kindly to further stalling.
In Europe we see the release of the UK PMI services data today as the Greeks vote on further austerity measures which is expected not to be quite an event with no doubt more social unrest. In the US we see the non-manufacturing ISM release but with the soft close to US equity markets on Friday despite a robust jobs reports the risk sentiment remains fragile at best.
Supports 1.2770-1.2740-1.2675 | Resistance 1.2850-1.2880-1.2960
Supports 80.15-79.90-79.60 | Resistance 80.65-80.85-81.20
Supports 1.5970-1.5920-1.5875 | Resistance 1.6040-1.6080-1.6185
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.