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  • US Stock Markets To Reopen On Wednesday, Following Longest Storm Outage Since 1888

    US equity markets will revive on Wednesday following the greatest weather associated shutdown in more than a century, restarting following the New York Stock Exchange was spared by Hurricane on Sunday as it swept through New York Oct. 29.

    Foremost US stock exchanges supposed to revive on Wednesday following Sandy, the worst storm to strike New York in almost 75 years closed trading for two days. Larry Leibowitz, the chief operating officer stated that the conclusion was announced in report by Nasdaq OMX Group Inc. (NASDAQ:NDAQ) and NYSE Euronext strike the Global Markets Inc.

    The NYSE's command center are operating on backup power and will keep using it if essential all week. Trading was canceled for four straight days in the wake of the Sept. 11 of 2001, terror attacks and the New York exchange close for seven days in 1933 during President Franklin Delano Roosevelt's bank holiday.

    NYSE Euronext (NYX.N) stated that the New York Stock Exchange would reopen as usual, while it was organized to switch to fully electronic trading if required. Nasdaq OMX's Nasdaq Stock Market was also to be working on Wednesday, while were BATS and Direct Edge Exchanges.

    Larry Leibowitz, chief operating officer of NYSE Euronext said that he have a green light.

    Arthur Levitt, the former chairman of the Securities and Exchange Commission stated that the NYSE required a superior backup plan. All of the US stock market operators took part in coordinated testing on Tuesday for trading on NYSE's backup system. The implement was also expected at allowing member trading firms, several of which are operating on backup systems themselves owed to problems from the storm, an prospect to make sure they are ready for Wednesday.

    US stock exchanges initially had planned to open markets on Monday, however they ultimately responded to pressure from firms concerned regarding employee safety, as well as the failure to see markets function effectively at light staffing it was the first time in 27 years that exchanges closed because of bad weather.

    Oct 31 4:32 AM | Link | Comment!
  • GBP/USD D1 Technical October 29

    (click to enlarge)

    Near term outlook for the GBP/USD is Bearish. Today Cable has support at 1.6020. If pair manages to break through 1.6020 level and give a closure below this level, it will indicate a strong downward trend for the pair.

    Oct 29 4:03 PM | Link | Comment!
  • AUD/USD D1 Technical October 29

    (click to enlarge)

    AUD/USD is trapped in 1.0290 support and 1.0407 resistance. For today it has medium term bearish strength. So, 1.0290 level should be carefully watched. A break through 1.0290 will take Aussies further downside to target 1.0230 level.

    Oct 29 3:54 PM | Link | Comment!
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