U.S. Dollar Trading (USD) the direction was set in the Asian session with news from China about the diversification of FX reserves. Figures released show that gold holdings had increased to over 1000 tons. Also hurting dollar sentiment the continued rally seen in US stocks since Tuesday. New Home Sales (March) at 356k vs. 340K forecast. Crude Oil up $1.70 ending the New York session at $51.49 per barrel. In US share markets, the Nasdaq was up 42 points or 2.5% whilst the Dow Jones was up 119 points or 1.50%. Looking ahead, March Midwest MFG previously at 83.8.
The Euro (EUR) broke sharply higher after the German (April) IFO survey unexpectedly improved to 83.7 vs. 82.1 previously. German officials also suggested that there is no need for further German Stimulus. Overall the EUR/USD traded with a low of 1.3115 and a high of 1.3301 before closing at 1.3247. Looking ahead, May GFK Index forecast at 2.3 vs. 2.4 previously. Also released, March German Import Prices.
The Japanese Yen (JPY) strengthened against the USD after the news of diversification of China’s FX reserves. Most of the crosses were mixed or made fresh gains as risk appetite picked up. GBP/JPY came under pressure after the Q1 GDP results. Overall the USDJPY traded with a low of 96.65 and a high of 98.14 before closing the day around 97.04 in the New York session. Looking ahead, March Retail Sales previously at -5.8%.
The Sterling (GBP) had a mixed day coming under pressure in Europe as Q1 GDP came out at -1.9% vs. -1.6% previously. Helping the pair off lows was the better than expected March Retail Sales at 0.3% vs. -0.3%. Overall the GBP/USD traded with a low of 1.4577 and a high of 1.4773 before closing the day at 1.4675 in the New York session.
The Australian Dollar (AUD) jumped as positive stocks, commodities and gold all combined to help the AUD rally over 1 cent to 0.7240. The deterioration seen on local economic data will be key as to whether the AUD remains as the global risk currency. Overall the AUD/USD traded with a low of 0.7108 and a high of 0.7229 before closing the US session at 0.7220.
Gold (XAU) closed above $900 as demand for the precious metal was boosted by news that china had doubled their Gold reserve. Overall trading with a low of USD$904 and high of USD$914 before ending the New York session at USD$913 an ounce.
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FX BONUSES & PROMOTIONS
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Live Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | -0.0002 | 1.3283 | 1.32 |
|---|---|---|---|
| AUD/USD | 0.0044 | 1.0777 | 1.0684 |
| EUR/GBP | -0.0002 | 0.8401 | 0.8368 |
| EUR/JPY | -0.17 | 103.17 | 102.28 |
| GBP/USD | 0.0001 | 1.5826 | 1.5761 |
| USD/CAD | -0.0011 | 1.0015 | 0.9975 |
| USD/CHF | -0.0001 | 0.9159 | 0.9106 |
| USD/JPY | -0.08 | 77.77 | 77.41 |
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