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ECB Interest Rate Cut Surprises Financial Markets

Stock-Markets / Financial Markets 2013 Nov 07, 2013 - 03:31 PM GMT

By: Anthony_Cherniawski

Stock-Markets

Good Morning!

The ECB cut rates in a surprise move that sent the Euro plunging lower. 

ZeroHedge commented on this surprise move in an article entitled, In a Stunning Move, ECB cut rates by 23 bps, Euro Plunges. 


In the FX market, the EUR/USD plunged to 1.338, or 133.8 in XEU.  Unfortunately, the gaps that I discusses last night will not be filled at all. 


The USD ramped higher this morning to a high of 81.55 in the futures, very close to mid-Cycle resistance that I had discussed last night.  USD may be due for a pullback to the trendlines discussed as well. 

To top matters off, TNX appears prepared to challenge its 50-day moving average at 26.92 this morning.  It may probe above briefly, before a pullback to consolidate gains and make a brief retracement.  I suggest that it may not go lower than Short-term support at 25.73.

SPX had a burst higher to 1774.45 in the Pre-Market this morning.  That equated roughly to 1780 in the cash market.  Today’s Weekly Unemployment Claims were at 336, 000, which seem to be the same as last week.  However it was reported as a decline due to a revision of last week’s claims. 

GDP grew at a rate of 2.8%, according to the Financial Times and the Wall Street Journal.  Theoretically, this could back discussions about the Taper.  

VIX declined another .20 in the pre-Market.  This appears to be the final push lower and it appears ready for its reversal as well.

It now appears that the copy and paste function doesn’t work in Internet Outlook (e-mail) as well.  I will try to get to the bottom of this today.

Thanks for your patience.

Regards,

Tony

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