Daily Analysis December 2, 2014

US Stock Market – The US finished on a negative trend following the slow than expected growth of the US manufacturing industries. This was further escalated by suspicions of low sales volume during the holiday season. The Dow Jones fell by 0.29%, the S&P 500 fell by 0.68% and the NASDAQ fell by the significant 1.34%.

US Dollar – The US Dollar was traded mixed against its major counterparts, following the uncertain economic reports from the US. There are expectations for high volatility today because of the speech that will be given by the Federal Reserve chair.

EUR/USD – The Euro went up against the US Dollar and closed at a rate of 1.2469. Analysis shows that the pair is below the resistance of 1.2500 and a Momentum Indicator below 0. If these conditions hold, there might be a drop close to 1.2400.

GBP/USD – The Pound went up by 0.78% against the US Dollar and closed at a rate of 1.5734, following the favorable Manufacturing PMI report. Analysis shows that the pair is close to the support of 1.5730 and there might even be a jump towards 1.5780.

Crude Oil – There was a rebound in the price of oil and a barrel is currently trading around 69.00, following the indecisive meeting by OPEC.