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PoundTitle:
US Existing Home Sales Only Significant News Today
With Europe still on holiday in observance of Easter, today's markets will be highly illiquid, making most currencies continue to trade within tight ranges until the opening of trading on Tuesday. Tomorrow's news should be much more affecting on the region's currency values, but as for today traders may want to look to the USD for market direction with its impactful housing report scheduled for 15:00 GMT.
Forex Market Trends
EUR/USD GBP/USD USD/JPY USD/CHF AUD/USD EUR/GBP
Daily Trend
Weekly Trend
Resistance 1.4645 1.6595 83.10 0.8950 1.0819 0.8905
1.4622 1.6573 82.80 0.8925 1.0789 0.8882
1.4591 1.6540 82.48 0.8887 1.0755 0.8851
Support 1.4530 1.6480 81.85 0.8826 1.0690 0.8779
1.4499 1.6448 81.53 0.8790 1.0658 0.8747
1.4472 1.6425 81.32 0.8771 1.0635 0.8725
...
Title:
Brent crude rises over $124 on unrest in Syria, Yemen
Brent crude futures rose above $124 a barrel on Monday after violence in Syria and Yemen escalated over the weekend, boosting fears that unrest may disrupt more oil supplies in the Middle East and North Africa.
Brent gained 29 cents to $124.28 a barrel by 0502 GMT. U.S. crude rose 38 cents to $112.67 a barrel.
"There is no question about it -- Middle East and North Africa continue to be the key factors," said Victor Shum, an analyst at Purvin & Gertz. "Violence has spread beyond Libya to Syria and Yemen and that has set a high floor for oil prices."
Gains in oil this week would likely be capped on concerns of the negative impact of high prices on demand and the global economy. Prices were likely to trade within a narrow range, Shum said.
Prolonged protests and looming concern over ...
Title:
Oil Prices Top $112; Is Global Supply Truly Adequate?
Traders watching the price of oil climbing with despair were disheartened yesterday as shifts in risk sentiment and thin holiday trading conditions helped push the price of oil over $112 a barrel. Both US President Barack Obama and ministers from the Organization of Petroleum Exporting Countries (OPEC) have affirmed that current oil supply levels are adequate for global demand, arguing that speculation is a prominent factor driving the price to its recent highs.
Economic News
USD - USD in Decline for Third Straight Day
The US dollar continues to lose ground as positive data helps generate risk appetite in the global market. Many have speculated that this downturn is also being fueled by record low interest rates that are beginning to reveal dissonance with public attitudes towards ...
Title:
Pound Strives Higher as UK Retail Sales Expand
The Great Britain pound advanced after the report showed that the retail sales in Britain unexpectedly rose last month, refueling talks about possible increase of the interest rates by the central bank.
The UK retail sales increased by 0.2 percent in March on month-on-month basis, following the drop by 0.9 percent in February. This report surprised analysts, who expected a decrease by 0.5 percent. The public net borrowing was £18.6 billion, in line with forecasts.
You-na Park, a currency strategist at Commerzbank AG, explained the potential changes of the interest rates:
We have speculation about a Bank of England rate hike this year, maybe in the middle of the year, but the Federal Reserve will probably keep its expansionary stance and we expect the first hike only in the beginning ...
Title:
Gold hits record for 6th day straight day
Morning Briefing: Gold hits record for 6th day straight day
News:
Forex: Dollar hovers near 3-year low versus rivals; High yielders slow down on profit taking
Global Markets: Asian stock markets mixed on extremely thin trading
Commodities: Gold hits record for 6th straight day
Euro zone: Trichet says he does not see an urgent need for more rate hikes
United Kingdom: Better than expected retail sales lifts pound to 16-month high
Rates in Asia and Indices:
EUR/USD: 1.4589 - 1.4542
USD/CHF: 0.8875 – 0.8847
GBP/USD: 1.6533 - 1.6507
EUR/JPY: 119.51 – 118.83
USD/JPY: 82.00 – 81.67
DowJones: 12'505.99 +0.42%
NASDAQ: 2'820.16 +0.63%
S & P 500: 1'337.38 +0.53%
Nikkei: 9’682.21 -0.04%
Shanghai: 3’008.64 -0.60%
Gold: $ 1'504.97
Crude Oil: $ 112.29
Comments:
The dollar traded close to its 3-year ...
Title:
Explosive markets and new records still seen ahead of weekend
The market is still on a roll with the risk appetite still strong and the bullishness intact even ahead of the long Easter weekend as profit taking still did not affect the market!
Good fundamentals from the US and strong tech earnings from Intel and Apple supported the rally and triggered strong equity gains from Asia into Europe and ahead of the U.S bell.
The confidence in the global recovery was boosted once again sparking demand for risky assets and high-yielders and suppressing the dollar further which slumped to multiple years low.
Greenback’s index slumped further today to the lows of 73.73 from the high of 74.40 and currently hovering around 73.86.
The rally did not offset the gains for the euro after the drop in German confidence, where it remained strong and merely normal for ...
Title:
Pound Soars on Strong Retail Sales Data, Canadian Retail Sales Eyed
The risk-on trade continues to perform well, contributing to overall dollar weakness versus the majors. The British pound and the Canadian dollar were the strongest performers this morning heading into the New York trading session with Canadian retail sales on tap.
The release of stronger than expected British retail sales added momentum to the bullish move behind the pound. March retail sales rose 0.2%. February retail sales were adjusted slightly lower to -0.9% from -0.8%. Economists expected a decrease of -0.5%. The unexpected rise in retail sales numbers sent the GBP/USD soaring to a 17-month high at 1.6572. Since the pair rebounded on Monday from a low at 1.6165, the pound has gained 4 cents on the dollar. Traders should now be eyeing a target of 1.6880 followed by 1.7040. Support ...
Title:
UK retail sales improve in March despite high inflation rates
UK retail sales advanced in March as consumers increased their spending on food which offset the decline in other retailers.
Retail sales with auto fuel advanced 0.2% compared with the revised 0.9% drop in February, while also the reading excluding auto fuel rose 0.2% from 1.0% fall.
The reading showed improvement despite the rise in inflation that reached 4.0% in March, double the bank's target and 1% above the upper limit.
The high inflation did not affect consumer spending on hopes that policy makers will shore up the economy as they put more emphasis on growth after the economy had contracted 0.5% in the fourth quarter.
The BoE left both interest rate and APF quantity unchanged in April with 5-3-1 vote as shown by minutes released yesterday. Andrew Sentance maintained his call for ...
Title:
Major currencies rise against the dollar, with the return of optimism to the markets
Major currencies rose against the yen and the dollar with the return of optimism to the market after U.S. housing data recovery better than expectations. On the other hand, Asian stocks rose to support the confidence of investors and to increase demand for high yielding currencies.
The euro started today's session with an incline against the dollar, as the pair trades around 1.4613 after recording the highest at 1.4620 and the lowest at 1.4514. The pair faces a resistance at 1.4680. The daily momentum indicators show the pair is heading to the upside.
The pound traded higher against the greenback, trading around 1.6469 after recording the highest at 1.6483 and the lowest at 1.6386. The pair faces a resistance at 1.6500. The daily momentum indicators show the pair is in an overbought area. ...
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