Weak Economy Weakens Euro
Euro FX futures
(
ECU1 |
Quote |
Chart |
News |
PowerRating),
Swiss francs
(
SFU1 |
Quote |
Chart |
News |
PowerRating), and
British pounds
(
BPU1 |
Quote |
Chart |
News |
PowerRating) are down after reports showed that unemployment
rose and industrial production in Germany fell. Germany is the largest economy
in the 12-currency euro bloc. Notice how Off The Blocks
keeps you out of long entries in the EC and SF Momentum
markets. The EC is demonstrating signs of continuing momentum by bouncing off
intraday double bottoms and is now trading on its high of the session.Â
As mentioned in yesterday’s Futures Market Recap,
November soybeans
(
SX1 |
Quote |
Chart |
News |
PowerRating)Â continued to find support at the 50%
retracement of their early summer rally. Yesterday’s late rally into the close
in the bean complex resulted in a pop-up opening and a potential new gap window
of support below 497.Â
Soy meal
(
SMZ1 |
Quote |
Chart |
News |
PowerRating) also popped open and is
higher for the second session off its Turtle Soup Plus One buy signal from
yesterday.
In the energies,
September crude oil
(
CLU1 |
Quote |
Chart |
News |
PowerRating)
is following through after appearing on the
Momentum-5
List for yesterday’s market. Unleaded gasoline
(
HUU1 |
Quote |
Chart |
News |
PowerRating)
was also showing nascent signs of a potential momentum pulse by registering on
the
New 10-Day Highs List yesterday. The word in this market now is that
gasoline demand is running above views for the season, which should keep upward
pressure on prices. As they have already mentioned, OPEC will cut its output by
one million barrels a day by Sept. 1, also working to support prices.