US Stocks Surge As G20 Meet

Daily Forex Fundamentals | Written by Easy Forex | Apr 02 09 02:07 GMT |

U.S. Dollar Trading (USD) tested both sides of the recent range with Dollar strength in Asia and weakness in North America. US data was mixed with ADP Employment falling -742K vs. -655K forecast being offset by March ISM Manufacturing climbing to 36.3 vs. 35.8 previously. Also helping sentiment, continued improvement in housing data with Pending Home Sales gaining 2.1% vs. -7.7% previously. Crude Oil closed down -$1.51 ending the New York session at $48.39 per barrel. In US share markets, the Nasdaq was up 23 points or 1.29% whilst the Dow Jones up 152 points or 2.01%. Looking ahead, Weekly Jobless Claims forecast at 650K vs. 652K previously. Also released February Factory Orders forecast at 1.5% vs. -1.9%. The Euro (EUR) early in Asia the downside was tested after it emerged that Obama considered bankruptcy the best policy for GM and Chrysler. After these reports were denied and stock around the world rallied the EURO tentatively rallied towards 1.33 but failed to break this ahead of the ECB today. Overall the EUR/USD traded with a low of 1.3168 and a high of 1.3285 before closing at 1.4240. Looking ahead, ECB rate announcement forecast to cut from 1.5% to 1.0%. The Japanese Yen (JPY) was extremely volatile in Asia weakening after the Q1 Tankan Survey came in at a record low of -58. Almost immediately after this news of the Obama GM comments sent the USD/JPY plummeting aver 1 Yen lower. A denial from the white house saw the pair recover the rest of the day. Overall the USDJPY traded with a low of 98.25 and a high of 99.30 before closing the day around 98.50 in the New York session. The Sterling (GBP) outperformed other currencies as UK data improved with Manufacturing PMI (Mar) at 39.1 vs. 34.9. GBP/JPY rallied towards 143 whilst the cable made gains towards the key 1.4500 level. Overall the GBP/USD traded with a low of 1.4276 and a high of 1.4480 before closing the day at 1.4450 in the New York session. Looking ahead, Nationwide House Price m/m forecast at -1.5% vs. -1.8 previously. The Australian Dollar (AUD) came under pressure with the GM news and a dreadful Feb Retail Sales -2.0% vs. -0.5% previously. The rebound came as stocks continued to rally and cross flows supported. EUR/AUD broke 1.900 to the downside and AUD/NZD jumped on fresh NZD weakness. Overall the AUD/USD traded with a low of 0.6859 and a high of 0.6999 before closing the US session at 0.6980. Gold (XAU) gained as the USD weakened with investors searching for alternate investments. Overall trading with a low of USD$917 and high of USD$933 before ending the New York session at USD$925 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