U.S. futures lower ahead of GDP report; Dow Jones down 0.31%

U.S. stock futures pointed to a lower open on Friday, as investors awaited the release of a highly anticipated preliminary report on first quarter U.S. economic growth, later in the day. 

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.31% loss, S&P 500 futures signaled a 0.37% fall, while the Nasdaq 100 futures indicated a 0.39% decline. 

Sentiment improved on Thursday, after the Department of Labor said the number of people who filed for unemployment assistance in the U.S. fell by 16,000 to a seasonally adjusted 339,000, last week compared to expectations for a decrease of 4,000 to 351,000.

Jobless claims for the preceding week were revised up to 355,000 from a previously reported increase of 352,000. 

Tech stocks were expected to be active, after Samsung Electronics said sales of its phones jumped in the first quarter to account for one third of the global market. The news sent Apple shares down 0.10% in pre-market trade. 

Separately, Microsoft shares were up 0.25% in late trading, as the company came out on top in the first of two patent trials versus Google's Motorola Mobility unit on Thursday, as a federal judge in Seattle ruled largely in its favor. 

Elsewhere, Amazon.com's said revenue growth slowed in the first quarter but margins jumped on lower shipping expenses and the expansion of more profitable new businesses. Shares still plummeted 3.20% in extended trading. 

In the telecom sector, AT&T was reportedly preparing to kick off its home security and monitoring service in 15 U.S. markets on Friday, seeking to develop revenue streams beyond cellphone services. 

Other stocks in focus included Chevron, Tyco International, D.R. Horton and Goodyear Tire & Rubber, due to report earnings later in the day. 

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 tumbled 1.07%, France’s CAC 40 retreated 1.07%, Germany's DAX declined 0.47%, while Britain's FTSE 100 slid 0.48%. 

During the Asian trading session, Hong Kong's Hang Seng Index gained 0.65%, while Japan’s Nikkei 225 Index slid 0.3%. 

Later in the day, the U.S. was to release preliminary data on first quarter growth, followed by revised data from the University of Michigan on consumer sentiment and inflation expectations.

-->

Read More

German Central Bank Isn’t Backing Crisis Backstop – EUR/USD in Danger

The German central bank, the Bundesbank, is reportedly rejecting the OMT program of the ECB. According to the German paper Handelsblatt, the Bundesbank, a member of the ECB, says that the Constitutional Court should reject the OMT.

The mere existence of the OMT, a program that details when the ECB would buy bonds, has definitely helped stabilize the situation in Europe in the past 9 months or so. But if Germany doesn’t back the backstop, who will?

EUR/USD is already sliding, but the pair is still around 1.30. For more levels of the euro, see the EURUSD forecast.

The Bundesbank, led by Jens Weidmann, says according to the report that the OMT creates credit risks that undermine central banks. Yields of Spain and Italy have fallen quite nicely in recent months and especially in recent days.

Another driver of lower yields (and a stable euro), has been the huge decision of the Japanese central bank to buy bonds in huge quantities. This has pushed money also into Europe. Yet without a backstop, these flows could go elsewhere, perhaps to the US.

Live chart of EUR/USD:

-->

Read More

Forex Trading Signals for 26th April 2013

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

For more easy access,,,,,,Download our mobile application on your mobile :   Click Fxsignals 

EUR/USD

Down Trend : SELL

(1) SELL

E/P: 1.30267

T/P: 1.30000

S/L: 1.30600

 (1) BUY

E/P: 1.30299

T/P: 1.30500

S/L: 1.30000

-->

GBP/USD

Up Trend: BUY

(1) BUY

E/P: 1.53988

T/P: 1.54200

S/L: 1.53500

(1) BUY

E/P: 1.54526

T/P: 1.54700

S/L: 1.54200

Read More