Markets Clueless About Next Move

March 28, 2013

Yesterday the world’s financial markets finished mixed. Thus, in Europe the British FTSE 100 shed 0.03% and made 6,397.66 points, the German DAX 30 fell 1.02% and reached 7,799 points while the French CAC 40 shrank by 1% down to 3,711.64 points.  

In Russia the MICEX index grew 0.6% and got to 1,425 points, and the RTS index advanced 0.04% up to 1,446.04 points.

In the United States the Dow Jones Industrial index fell 0.23% down to 14,526.16 points, the NASDAQ grew 0.12% up to 3,256.52 points whereas the S&P 500 went down by 0.06% to 1,562.85 points.

On IntercontinentalExchange Futures Europe the official price of Brent oil rose by $0.33 and made $109.69 per barrel.  On the New York Mercantile Exchange the price of WTI oil went up by $0.24 and reached $96.58 per barrel.

The downward index dynamic is linked to investors’ heightened cautiousness prior to Cyprus’ banks reopening 28 March. On Wednesday local mass media reported with reference to the Ministry of Finance order that as of Thursday there would be tight restrictions for bank transactions imposed in Cyprus for seven days. In particular, they include a limit on money allowed out of the country, a 5,000 euro cap on credit card transactions and a ban on premature withdrawal of fixed-term deposits.  

On Forex EUR/USD closed below a strong support level of 1.2850. If the pair goes down further, its target will be 1.2660.

Anna Gorenkova, NordFX Analyst

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