remains hovering around the 1.1375 level at the moment and is waiting for a clear direction. Volatility has been pretty low this week and we are trading in a tight range as well. We can expect this to change as we get closer to Friday as then we will get the German GDP data.
continued moving higher during the day yesterday, but we are seeing a drop this morning as the USD weakens. Looking at the 4 hour chart we can see some sort of resistance at the highest point reached yesterday, around the 109.3 level.
moved up towards the resistance at the 1.44 level and continues to trade in close proximity of this level. We have important data coming out today, but the main focus will be on tomorrow’s data.
it looks like we are starting to see a downwards trend emerging. There could be move pressure down as the crude stock saw a nice increase and that fuels the expectation that we will see another build in inventories this afternoon as well. In addition it is still expected that Canadian production will fully resume operation in the near future. There are also reports that Iran is selling its oil at discounts to Asia, reinforcing the battle for market share between the different countries. Technically it looks like we are having some difficulties dropping below the 43 level, as each time we get to the lower 43 level, we see a sudden move up.
is dropping in afterhours trading as earnings came in less than expected for the first time in 5 years. Even though the bottom line improved compared to last year and also its movie unit did quite well, but the other departments didn’t succeed to live up to the expectations, especially the media department.