US Update

Hurricane Sandy. We have consumer confidence data out of the euro zone today which could provide us with some much needed direction. And remember Non-Farm Payrolls on Friday. Hurricane Sandy Hits US European markets closed lower on Monday as Hurricane Sandy forced major U.S. markets to stay closed. The East Coast of the U.S. was on high alert on Monday, bracing itself for what could be the worst hurricane ever to hit the country. Many analysts believe the hurricane looks set to dominate the news agenda. US markets will remain close today as well as Hurricane Sandy moved towards New York City. European Markets Lower: In Europe, EU governments started discussions this week to cut 50 billion euros ($64.6 billion) off the existing EU long-term budget of 1 trillion euros. Germany, France and Britain are calling for even steeper cuts, according to Reuters. On the data front we have consumer confidence data out of the Eurozone today at 10:00am GMT. This index measures the level of consumer confidence in an economy. What this means does Binary Traders Equity markets have started the week on the back foot, with many traders unwilling to take big positions due to hurricane sandy and many being unable to trade due closed offices. European markets are looking for direction in the absence of Wall Street being there to provide it. The market closure will extend to today and even Wednesday depending on the severity of the storm. Uncertainty and the costs it will bring will not help matters. In regards to the euro zone data, the consensus for consumer confidence is for a slight increase from -25.9 previously to -25.6. Due to the current euro zone crisis consumer confidence has been extremely negative. Depending on the actual figure today we could get some much needed direction in the market. Assets that may be affected The EUR and GBP foreign exchange pairs are the key assets to keep an eye during today especially EUR/USD and GBP/ USD. Due to consumer confidence data out this morning we could see significant volatility within these assets depending on the figure. If the figure comes out much better than expected we could see a bullish move. On the other hand a worse than expected number could result in a further bearish movement.