Here’s an update on technicals, fundamentals and what’s going on in the markets.

World Economic Forum (WEF) Annual Meetings – Day 1, this time is held in Davos for Bankers, Political, trade & finance Ministers and Commercial leaders from around 90 countries. Can influent market volatility.

The upcoming Greek debt deal certainly helped improve market atmosphere. In the US, jobless claims plunged dramatically to a nearly four-year low of 352,000 claims, 50,000 down from the prior week, while early expectations stood on 387K. The Philly Fed Index reached 7.3 points with a dominant employment factor. These good employment readings give further boost to the recovering job market. Will the job market continue to improve? Let’s start:

Here’s a quick update on technicals, fundamentals and what’s going on in the markets.

Last week Mario Draghi President of the European Central Bank lowered rates to 1.0% and announced new measures to aid the banks but made it clear that he opposes big bond buys meaning there will be no QE at this time. The ECB forecasts recession in 2012. Will these measures stop the “ticking bomb” situation in Europe? Let’s start:

EUR/USD dropped before the release to 1.3775, within levels seen during the day. Earlier in the day it climbed and challenged resistance at 1.3838. It extends these drops after the release of the statement but doesn’t go too far. The press conference is awaited.

Here’s a quick update on technicals, fundamentals and what’s going on in the markets.

In the US, FOMC Statement, the key tool that is used by the FOMC regarding monetary policy with investors, and regarding  financial conditions for  other policy measures. It also discusses the outcome of upcoming votes on monetary outlook.

For the first time since June, the statement will be followed by a press conference by Ben Bernanke. A lack of big announcements in the statement can be complemented with a press conference that can trigger high volatility.

Last week the US economy grew at an annual pace of 2.5% in Q3 2011, slightly higher than the 2.4% growth expected and US weekly unemployment claims also came close to the 400K predicted with a reading of 402K. Meanwhile Progress on Europe’s debt crisis achieved at the EU summit in Brussels when Italian Prime Minister Silvio Berlusconi presented a plan of economic reforms in reply to the EU ultimatum demanding swift action to boost growth and reduce Italy’s huge public debt. Greece will be under close supervision while implementing the required reforms and in turn the bailout deal to Greece will wave off 50% ofGreece’s bond debt to banks. Will this dramatic week be a turning point for the EU economy and how will this affect global markets?