FOREX-Pulse of the Market

The greenback extended lower against all of the major currencies with sterling leading the gains. Aside from CPI and retail sales, the Empire State and Philadelphia Fed surveys are scheduled for release. A number of Federal Reserve officials will also speak. On Sunday, Fed Chairman Powell said the U.S is at an inflection point, the outlook brightened significantly and with America going back to work, the economy will start growing more quickly. He also cautioned against reopening too quickly and stressed the importance of taking steps to avoid flare-ups in virus cases that could set back the recovery. Euro kicked off this busy trading week with modest gains against the U.S dollar. Despite continued lockdowns in some of the region’s biggest economies, slow vaccine rollout and lower growth forecasts from France and Spain, the single currency has been extraordinarily resilient. It quietly moved higher since the beginning of the month rallying from 1.17 to 1.19. Better than expected retail sales data helped extend the pair’s gains yesterday. Consumer spending rose 3% in the Eurozone in February, double the market’s expectations. Spending in January was also revised up to -5.2% from -5.9%. This follows last week’s upwardly revised German PMIs and the strongest German business confidence since June 2019. So while the near term outlook is grim, the recovery is delayed not threatened and that prospect keeps economic activity going. The question now is how much longer can the rally continue with U.S inflation and retail sales numbers scheduled for release this week. Vaccinations and stimulus checks should drive strong spending in March. Economists are looking for 5.7% rise but the numbers could easily beat expectations. Inflation is also on the rise and between these two reports, we could see renewed demand for the greenback. Add to that the possibility of Germany lowering its growth forecasts and there’s a good chance the rally could fizzle quickly this week once U.S CPI numbers are released. Before that, the German ZEW survey is due and it will be interesting to see if investor confidence is finally dented by recent lockdowns. Sterling traded sharply higher ahead of today’s industrial production, monthly GDP and trade balance reports.

Euro

The single currency posted slight gains in yesterday’s trading session. The euro has been on a steady decline since mid-February, but reversed directions and gained 1.19% last week, its best weekly performance since mid-December. If the upward trend continues, the euro could pressure the symbolic 1.20 line as early as this week. Overall, the EUR/USD traded with a low of 1.1865 and a high of 1.1918 before closing the day around 1.1899 in the New York session.

Yen

The Japanese Yen gained yesterday as the dollar slipped yesterday towards a three-week low as Treasury yields traded near recent lows and traders awaited crucial U.S inflation and retail sales data in coming days. The dollar’s performance has been tied to U.S Treasury yields for most of 2021, after concern about rising inflation in the United States. Overall, the USD/JPY traded with a low of 109.19 and a high of 109.94 before closing the day around 109.64 in the U.S session.

British Pound

The British Pound rose yesterday, recovering partly after a weekly loss. The UK’s vaccine rollout - one of the fastest in the world - helped the pound have its best quarter since 2015 in the first three months of 2021. With vaccinations now fading as a driver of GBP, investor attention should turn to the sustainability of economic growth. Overall, the GBP/USD traded with a low of 1.3668 and a high of 1.3748 before closing the day at 1.3702 in the New York session.

Canadian Dollar

The Canadian Dollar edged down against its U.S counterpart in yesterday’s trading session, unwinding some of the gains logged in the previous session, but buoyant oil prices helped keep the currency near recent highs. Investors' expectation for a continued rise in U.S Treasury yields has been supportive of the greenback. Overall, USD/CAD traded with a low of 1.2522 and a high of 1.2608 before closing the day at 1.2530 in the New York session.

Australian Dollar

The Australian Dollar opened the week slightly lower as investor mood soured following setbacks in the country’s vaccination program, while the New Zealand dollar was little changed. Australia has abandoned a goal to vaccinate nearly all of its 26 million population by the end of 2021 following advice that people under the age of 50 take Pfizer’s COVID-19 vaccine rather than AstraZeneca’s shot. Overall, AUD/USD traded with a low of 0.7649 and a high of 0.7659 before closing the day at 0.7616 in the New York session.

Euro-Yen

EUR/JPY is trading above 14, 50 and 100 days moving average. Fast stochastic is giving a bullish tone and MACD is issuing a bearish stance. The Relative Strength Index is above 59 and lies above the neutral zone. In general, the pair has gained 0.25%.

Sterling-Yen

Currently, GBP/JPY is trading above 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 48 reading and lies above the neutral zone. On the whole, the pair has gained 0.15%.

Aussie-Yen

Currently, the cross is trading above 14, 50 and 100 days moving average. Fast stochastic is giving a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 48 reading and lies above the neutral region. In general, the pair has lost 0.09%.

Euro-Sterling

This cross is currently trading below 14, 50 and 100 days moving average. Fast stochastic is indicating a bullish tone and MACD is also issuing a bullish signal. The Relative Strength Index is above 60 and lies below the neutral region. Overall, the pair has gained 0.12%.

Sterling-Swiss

This cross is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bullish stance and MACD is also indicating a bullish tone. The Relative Strength Index is above 40 and lies above the neutral region. In general, the pair has lost 0.20%.

Sources: News, Charts & Quotes (Courtesy: Reuters, US Department Of Treasury)

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

Daily Market View-U.S Stock Market

The S&P 500 and the Dow Jones indexes retreated from record levels yesterday, as investors geared up for the start of the corporate reporting season and a key inflation report later this week. A pullback in the benchmark 10-year bond yield from 14-month highs in April eased worries about higher borrowing costs, helping richly valued technology stocks gain ground and drive the S&P 500 and the Dow to record levels. Among the 11 major S&P 500 sectors, technology and communication services shares were the top decliners. U.S. consumer price data for March and $271 billion of U.S Treasury auction this week could end a recent lull in the bond market, reigniting a rise in yields that worried investors in the first quarter. Federal Reserve Chair Jerome Powell on Sunday said the U.S economy is at an “inflection point” with expectations that growth will pick up speed in the months ahead, but also risks if a hasty reopening leads to a continued increase in coronavirus cases.

Dow Jones Industrial Average 

The Dow Jones Industrial Average lost 0.16%. The biggest gainers of the session on the Dow Jones Industrial Average were Dow Inc., which rose 1.05% or 0.66 points to trade at 63.80 at the close. Walgreens Boots Alliance Inc. added 0.96% or 0.52 points to end at 54.70 and Nike Inc. was up 0.89% or 1.21 points to 136.66 in late trade. The biggest losers included Intel Corporation, which lost 4.18% or 2.85 points to trade at 65.41 in late trade. Apple Inc. declined 1.30% or 1.74 points to end at 131.26 and Boeing Co shed 1.13% or 2.86 points to 249.50.

NASDAQ 100

 The NASDAQ index declined 0.36%. The top performers on the NASDAQ Composite were Wilhelmina which rose 35.74% to 7.13, Celcuity LLC which was up 29.17% to settle at 27.90, and Lucira Health Inc. which gained 26.54% to close at 10.87. The worst performers were Tian Ruixiang Holdings Ltd which was down 79.58% to 17.90 in late trade, iRhythm Technologies Inc. which lost 39.56% to settle at 80.24, and Canaan Inc. which was down 29.89% to 13.09 at the close.

Oil

Oil prices climbed as data from China showed the world’s second-largest oil consumer’s import growth surging and on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites. U.S crude oil futures gained 28 cents, or 0.5%, to $59.98 a barrel. China’s exports grew at a robust pace in March in yet another boost to the nation’s economic recovery as global demand picks up amid progress in worldwide COVID-19 vaccinations, while import growth surged to the highest in four years. Crude oil imports into China also jumped 21% in March from a low base of comparison a year earlier as refiners ramped up operation amid robust fuel demand as the COVID-19 pandemic eased. Also supporting prices, U.S crude oil stockpiles were expected to have dropped last week for a third straight week, a preliminary Reuters poll showed. Still, U.S oil output from seven major shale formations is expected to rise for a third straight month, climbing by about 13,000 BPD in May to 7.61 million BPD, the U.S Energy Information Administration said yesterday.

Precious and Base Metals

Gold fell yesterday as an uptick in U.S Treasury yields dimmed bullion's appeal, while investors awaited key U.S inflation and retail sales data for cues on economic health. Spot gold was 0.5% down at $1,734.31 an ounce. U.S gold futures eased 0.6% to $1,734.60. The bond yields have stabilized right now, but they (elevated yields) are still an underlying negative for the metals markets that produce no dividend or yield. The bulls lost a little bit of momentum and that is prompting shorter-term technical traders to press the sell side, putting prices under pressure. Benchmark U.S Treasury yields edged higher yesterday before the Treasury Department's sale of $96 billion in new three-year and 10-year notes, and ahead of key data releases this week, including consumer price inflation. Retail sales data is also expected on Thursday. Higher yields have threatened gold's appeal as an inflation hedge as they increase the opportunity cost of holding bullion, which pays no interest. Federal Reserve Chair Jerome Powell, in comments that aired on Sunday night, said the U.S. economy was at an "inflection point," with hopes of more growth and hiring in the coming months, but he also cited risks of a spike in COVID-19 cases if there is a hasty reopening. A new Fed framework builds in allowances for inflation to run above the central bank's 2% target for a time without the Fed intervening to rein it in. Gold is likely to benefit if inflation rises much higher than the target. If we do start seeing inflation accelerating and people start thinking interest rates are going to go up again, then gold might struggle a bit. Among other precious metals, silver fell 1.6% to $24.84 per ounce, palladium was up 0.4% at $2,650.98 and platinum slipped 2.1% to $1,173.87.

Traditional Agricultures

Corn futures gained 0.7% yesterday, rising for a fourth session in five and trading near an eight-year top, underpinned by strong demand and expectations of lower supplies. Wheat lost ground on forecasts of higher production in the world’s biggest exporter Russia. U.S. corn supplies will shrink by more than previously forecast due to rising demand from the ethanol, livestock feed, and export sectors, the U.S Agriculture Department said on Friday.

Source: - News & Quotes (Courtesy: Reuters)

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

FOREX-Pulse of the Market

The dollar rose against a basket of currencies on Friday, paring some of the week’s losses, as a stronger-than-expected rise in the U.S and China’s inflation gauges drove up bond yields. The U.S. Dollar Currency Index, which measures the greenback against a basket of six currencies, was 0.156% higher at 92.218. We’re seeing a consolidation in the broad U.S dollar today after a week of losses as inflation data from China and the U.S sparks the U.S treasury curve back into life. Data on Friday showed U.S. producer prices increased more than expected in March, resulting in the largest annual gain in 9-1/2 years, fitting in with expectations for higher inflation as the economy reopens amid an improved public health environment and massive government funding. Inflation is expected to heat up this year, driven by pent-up demand and as the weak readings, last spring drop out of the calculation. Prices tumbled early in the pandemic amid mandatory closures of non-essential businesses across many states to slow the first wave of COVID-19 infections. Most economists and Federal Reserve officials believe higher inflation will be transitory because of labor market slack. Earlier on Friday, data showed China’s factory-gate prices beat analyst expectations and rose at their fastest annual pace since July 2018 in March, the latest sign that a recovery in the world’s second-largest economy is gathering momentum. The dollar was also helped by data showing a second straight monthly drop in industrial production in Germany, further boosting the likelihood of Europe’s biggest economy has contracted in the first quarter. Still, the dollar’s rally this year appears to have run out of steam. Despite Friday’s gains, the dollar index was on pace to finish the week down 0.8%, it's worst weekly showing this year. In short, the energy has gone out of the dollar’s first-quarter rebound, just as it has gone out of the bond sell-off. Sterling steadied on Friday, having touched a two-month low against the dollar in early London trading, and was set for its biggest weekly drop against the euro so far this year, hurt by profit-taking after a strong first quarter. The pound had its best quarter against the euro since 2015 in the first three months of 2021, boosted by the UK’s vaccine rollout, one of the fastest in the world, as well as a fading of negative interest rate expectations. Analysts also attributed its strengthening against the euro to an expectation that economic recovery in Britain would outpace that in the eurozone. Britain has surged ahead of the rest of Europe in the race to vaccinate its population, with almost half of its citizens receiving the first dose. But supply issues surrounding its main Oxford-AstraZeneca shot have slowed progress in recent days while Germany’s inoculation campaign has sped up.

Euro

The single currency rose in Friday’s trading session amid doubts about the ECB’s efforts to keep nominal interest rates low. The latest ECB minutes did not suggest a firm conviction that the central bank needs to suppress rates at all costs. The hawks are stretching their wings by making this the price of their support. Overall, the EUR/USD traded with a low of 1.1865 and a high of 1.1918 before closing the day around 1.1899 in the New York session.

Yen

The Japanese Yen poised for its largest weekly percentage gains in five months, while the dollar index, which has fallen 0.9% last week. The dollar had its softest week of the year as surprisingly weak U.S jobs figures and a determinedly accommodative Federal Reserve have prompted investors to trim bets on the greenback. Overall, the USD/JPY traded with a low of 109.19 and a high of 109.94 before closing the day around 109.64 in the U.S session.

British Pound

The British Pound steadied on Friday, having touched a two-month low against the dollar in early trading, and was set for its biggest weekly drop against the euro so far this year, hurt by profit-taking after a strong first quarter. The pound had its best quarter against the euro since 2015 in the first three months of 2021. Overall, the GBP/USD traded with a low of 1.3668 and a high of 1.3748 before closing the day at 1.3702 in the New York session.

Canadian Dollar

The Canadian Dollar advanced against its broadly stronger U.S counterpart on Friday as data showing the economy added far more jobs than expected in March offset lower oil prices, with the loonie also gaining for the week. Canada added 303,100 jobs in March, triple analyst Expectations. The Canadian economy keeps beating expectations. Overall, USD/CAD traded with a low of 1.2522 and a high of 1.2608 before closing the day at 1.2530 in the New York session.

Australian Dollar

The Australian Dollar fell in Friday’s trading session due to worries about a slowdown in Australia’s coronavirus vaccine rollout. Australia has restricted the use of the AstraZeneca COVID-19 vaccine - on which it had largely based its vaccination program due to risks of blood clots. For the week, the Aussie gained 0.3%, its first increase since the week of March 12. Overall, AUD/USD traded with a low of 0.7598 and a high of 0.7675 before closing the day at 0.7612 in the New York session.

Euro-Yen

EUR/JPY is trading above 14, 50, and 100 days moving average. Fast stochastic is giving a bullish tone and MACD is issuing a bearish stance. The Relative Strength Index is above 62 and lies above the neutral zone. In general, the pair has gained 0.25%.

Sterling-Yen

Currently, GBP/JPY is trading above 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 51 reading and lies above the neutral zone. On the whole, the pair has gained 0.15%.

Aussie-Yen

Currently, the cross is trading above 14, 50 and 100 days moving average. Fast stochastic is giving a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 52 reading and lies above the neutral region. In general, the pair has lost 0.09%.

Euro-Sterling

This cross is currently trading below 14, 50 and 100 days moving average. Fast stochastic is indicating a bullish tone and MACD is also issuing a bullish signal. The Relative Strength Index is above 58 and lies below the neutral region. Overall, the pair has gained 0.12%.

Sterling-Swiss

This cross is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bullish stance and MACD is also indicating a bullish tone. The Relative Strength Index is above 48 and lies above the neutral region. In general, the pair has lost 0.20%.

Daily Market View-U.S Stock Market

The S&P 500 and the Dow rose on Friday to close at record highs, posting a third straight weekly rise partly on a lift from growth stocks, with a late-day rally building gains ahead of quarterly earnings season next week. Growth names have found their footing over the past two weeks after being outperformed by value stocks for most of the year. A pullback in the 10-year U.S Treasury yield from a 14-month high hit in late March encouraged buying in growth. Data showed U.S producer prices increased more than expected in March, bringing the largest annual gain in 9-1/2 years. Many investors now expect higher inflation as vaccine rollouts help the U.S economy rebound from coronavirus-fueled lockdowns, yet stocks showed little concern as the Federal Reserve has maintained it will allow inflation to overshoot its target. This is why all week long Powell was jawboning, he made sure everyone understood they were expecting a spike and they are ready for it, it wasn’t a surprise.

Dow Jones Industrial Average 

The Dow Jones Industrial Average rose 0.89% to hit a new all-time high. The biggest gainers of the session on the Dow Jones Industrial Average were Honeywell International Inc., which rose 3.24% or 7.13 points to trade at 226.99 at the close. UnitedHealth Group Incorporated added 3.12% or 11.40 points to end at 376.29 and Salesforce.com Inc. was up 3.00% or 6.73 points to 231.18 in late trade. The biggest losers included Walgreens Boots Alliance Inc., which lost 1.13% or 0.62 points to trade at 54.17 in late trade. Johnson & Johnson declined 1.12% or 1.82 points to end at 161.15 and Boeing Co shed 1.05% or 2.68 points to 252.27.

NASDAQ 100

 The NASDAQ index gained 0.51%. The top performers on the NASDAQ Composite were Celcuity LLC which rose 51.15% to 21.63, Affimed NV which was up 23.32% to settle at 9.73 and NCS Multistage Holdings Inc. which gained 19.68% to close at 29.550. The worst performers were Novo Integrated Sciences Inc. which was down 24.38% to 2.730 in late trade, Franklin Wireless Corp which lost 23.54% to settle at 13.2 and Iterum Therapeutics PLC which was down 19.25% to 1.30 at the close.

Oil

Oil prices edged lower in range bound trade on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand. U.S WTI crude for May was at $59.38, down 22 cents. Downward pressure has been exerted by the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase supplies by 2 million barrels per day between May and July. Favorable oil demand prospects are being largely offset by the expected increase in OPEC + production that could be approximately 2 million barrels per day by the end of July. Meanwhile, U.S. drillers kept the number of oil rigs unchanged this week, energy services firm Baker Hughes Co said on Friday, with analysts forecasting more rigs were needed to keep production steady. Renewed lockdowns in some parts of the world and problems with vaccination programs could threaten the oil demand picture.

Precious and Base Metals

Gold slipped more than 1% on Friday, weighed down by a jump in U.S Treasury yields and a rebound in the dollar, but bullion was still on course for its first weekly gain in three weeks. Spot gold fell 0.7% to $1,743.73 per ounce, after declining as much as 1.4%, having hit its highest price since March 1 at $1,758.45 on Thursday. For the week, however, prices were up about 0.9%. U.S. gold futures slipped 0.8% to $1,744.20. While overall, gold market is bullish short-term, with expectations of a break higher through $1,760-65, caution about fresh 10 and 30-year (Treasury) auctions and the CPI report next week are keeping yields supported, keeping gold's advance in check. Yields are driving most markets at moment, directly impacting USD and stocks, and all three matter to gold with varying impact. The dollar and benchmark U.S. yields rebounded from two-week lows, reducing gold's appeal. U.S. producer prices increased more than expected in March, resulting in the largest annual gain in 9-1/2 years, fitting with expectations for higher inflation as the economy reopens. This type of potentially inflationary environment is generally viewed as supportive for gold. In a potential fillip to gold's safe-haven appeal, U.S Federal Reserve Chair Jerome Powell on Thursday signaled the central bank is nowhere near reducing its economic support, and warned an uptick in COVID-19 cases could slow the recovery. Gold's retreat from last year's peak is a mini-correction in a long bull market. Silver slipped 0.8% to $25.23, while platinum shed 2.8% to $1,195.16. Palladium rose 0.5% to $2,637.00 but was on track for its biggest weekly fall since the week ending Feb. 26. Copper prices were on track for a weekly rise on Friday, as the dollar was headed for its worst week of the year, making greenback-priced metals cheaper for holders of other currencies. The dollar was pressured by unexpectedly strong economic data in Europe and downbeat U.S jobs figures.

Traditional Agricultures

Corn futures climbed on Thursday on export optimism and positioning ahead of the U.S Agriculture Department’s monthly supply and demand report, out on Friday. Wheat gained as frigid temperatures across Europe and the Black Sea region threatened crops.

Source: - News & Quotes (Courtesy: Reuters)

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

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FOREX-Pulse of the Market

The U.S dollar hovered near a two-week low against a basket of currencies yesterday, as profit-taking and weakness in U.S. yields exerted pressure. Market participants were hesitant to place big directional bets ahead of the Federal Reserve’s meeting minutes later in the day, and the dollar traded little changed against most of the majors. The U.S Dollar Index, which measures the greenback against a basket of six currencies, was 0.101% lower at 92.213. The dollar has appreciated this year along with Treasury yields as investors bet the United States would recover more quickly from the COVID-19 pandemic than other developed nations. But the dollar index’s 2.5% gain in March, the biggest monthly increase since the end of 2016, prompted some traders to book profits. The weakness in Treasury yields after their rapid rally this year also added pressure on the dollar. All of this has left investors wondering if the dollar weakness, which sent the currency to a near 3-year low earlier this year, may be set to resume. Upbeat European data yesterday showing euro zone business activity bounced back to growth last month, also supported the common currency against the greenback. Investors will be scanning the minutes in search of any ‘discomfort’ among policymakers about rising inflation prospects and in parallel any hint that the discussion is migrating towards defining a timeline for tapering asset purchases. Euro zone business activity bounced back to growth last month, underpinned by a record expansion in manufacturing, according to a survey yesterday that also showed the service industry was coping better than expected with new lockdowns. Europe is battling a third wave of coronavirus infections and governments - also struggling with vaccine programs beset by delays - have re-imposed curbs on citizens and forced swathes of the dominant services industry to remain closed. But IHS Markit’s Services Purchasing Managers’ Index (PMI) rose to 49.6 in March from February’s 45.7, much higher than a flash estimate of 48.8 and only just shy of the 50 mark that separates growth from contraction. Despite the health situation remaining fragile and some restrictions being extended, optimism about the vaccine campaigns sends some hopes for the services sector outlook. A composite PMI, combining manufacturing and services and seen as a good gauge of economic health, rose to 53.2 from 48.8, above the 52.5 preliminary estimate. The Canadian dollar fell yesterday, hurt by a third wave of the COVID-19 pandemic in the country.

Euro

The single currency traded higher yesterday as Euro zone business activity bounced back to growth last month, underpinned by a record expansion in manufacturing, according to a survey that also showed the service industry was coping better than expected with new lockdowns. IHS Markit’s Services Purchasing Managers’ Index (PMI) rose to 49.6 in March. Overall, the EUR/USD traded with a low of 1.1859 and a high of 1.1913 before closing the day around 1.1865 in the New York session.

Yen

The Japanese Yen traded higher as profit-taking in the U.S Dollar and weakness in U.S yields exerted pressure. Market participants were hesitant to place big directional bets ahead of the Federal Reserve’s meeting minutes later in the day, and the dollar traded little-changed against most of the majors. Overall, the USD/JPY traded with a low of 109.55 and a high of 109.92 before closing the day around 109.82 in the U.S session.

British Pound

The British Pound sank as profit-taking by traders after a strong first quarter for the British currency pulled it to its lowest in over four weeks against the euro and a week’s low against the dollar. Expectations of an economic rebound in Britain, spurred by rapid COVID-19 vaccinations, helped sterling to record its best quarter since 2015 versus the euro. Overall, the GBP/USD traded with a low of 1.3722 and a high of 1.3837 before closing the day at 1.3735 in the New York session.

Canadian Dollar

The Canadian Dollar weakened to a one-week low as commodity-linked currencies broadly lost ground and domestic data showed the trade surplus narrowing in February. Canada's trade surplus with the world narrowed in February to C$1 billion as a global shortage of semiconductor chips hit both imports and exports. Overall, USD/CAD traded with a low of 1.2560 and a high of 1.2632 before closing the day at 1.2606 in the New York session.

Australian Dollar

The Australian Dollar began yesterday's session under pressure after overnight activity and this theme has largely continued through the day as well. Both the Australian and New Zealand dollars fell about 0.7%, giving back some recent gains. Like Canada, Australia and New Zealand are major commodity exporters. Overall, AUD/USD traded with a low of 0.7598 and a high of 0.7675 before closing the day at 0.7612 in the New York session.

Euro-Yen

EUR/JPY is trading above 14, 50 and 100 days moving average. Fast stochastic is giving a bullish tone and MACD is issuing a bearish stance. The Relative Strength Index is above 60 and lies above the neutral zone. In general, the pair has gained 0.05%.

Sterling-Yen

Currently, GBP/JPY is trading above 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 50 reading and lies above the neutral zone. On the whole, the pair has lost 0.54%.

Aussie-Yen

Currently, the cross is trading above 14, 50 and 100 days moving average. Fast stochastic is giving a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 51 reading and lies above the neutral region. In general, the pair has lost 0.57%.

Euro-Sterling

This cross is currently trading below 14, 50 and 100 days moving average. Fast stochastic is indicating a bullish tone and MACD is also issuing a bullish signal. The Relative Strength Index is above 56 and lies below the neutral region. Overall, the pair has gained 0.58%.

Sterling-Swiss

This cross is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bullish stance and MACD is also indicating a bullish tone. The Relative Strength Index is above 45 and lies above the neutral region. In general, the pair has lost 0.75%.

Sources: News, Charts & Quotes (Courtesy: Reuters, US Department Of Treasury)

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.