US Stocks Continue To Rise

Daily Forex Fundamentals | Written by Easy Forex | Apr 24 09 01:34 GMT |

U.S. Dollar Trading (USD) weakened considerably against the EURO and GBP as US stocks continue to rebound. Weekly Jobless Claims jumped to 540K vs. 613K previously. Also released March Home Sales at 4.57Mln vs. 4.7Mln forecast. Helping Global Stock sentiment was better than expected credit Suisse results for Q1. Crude Oil closed flat ending the New York session at $48.85 per barrel. In US share markets, the Nasdaq was up 6 points or 0.4% whilst the Dow Jones was up 70 points or 0.89%. Looking ahead, New Home Sales forecast at 0.34Mn vs. 0.337Mln. The Euro (EUR) traded higher for the 4th day breaking above 1.3100 as Equities rallied and EU PMI's beat estimates. Manufacturing PMI jumped to 36.7 vs. 33.9. Services jumped to 43.1 vs. 40.9 previously. Overall the EUR/USD traded with a low of 1.2982 and a high of 1.3160 before closing at 1.3110. Looking ahead, German IFO (April) forecast at 82.3 vs. 82.1 previously. The Japanese Yen (JPY) weakened against most of the crosses although the USD/JPY failed to rally as the USD weakness intensified. Japan cut its 2009/10 growth to -3.3%. Positive stocks helping sentiment. Overall the USDJPY traded with a low of 97.65 and a high of 98.43 before closing the day around 97.90 in the New York session. The Sterling (GBP) rebounded sharply to the 1.4700 level as the bad news yesterday was ignored and traded took profits in shorts. April CBI came out -57 vs. -54 forecast. Overall the GBP/USD traded with a low of 1.4445 and a high of 1.4743 before closing the day at 1.4690 in the New York session. Looking ahead, Q1 GDP forecast at -1.5% vs. -1.6% previously. March Retail Sales are forecast -0.5% vs. -1.9% previously. The Australian Dollar (AUD) tracked the Euro higher jumping around 1 cent on the back of the positive EU news. Talk form china that the economy has bottomed helped buoy the currency. Of concern is the recent recession talk coming form the countries leaders. Overall the AUD/USD traded with a low of 0.7030 and a high of 0.7150 before closing the US session at 0.7120. Gold (XAU) broke above $900 for the first time this month on USD weakness. Overall trading with a low of USD$890 and high of USD$908 before ending the New York session at USD$904 an ounce. Easy Forex http://www.easy-forex.com Easy-Forex makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites and the information contained does not take into account your personal objectives, financial situation and needs. Therefore you should consider whether these products are appropriate in view of your objectives, financial situation and needs as well as considering the risks associated in dealing with those products