Forex: Daily Wrap-Up

on May 24, 2013
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EUR/USD

On Thursday, the pair opened at 1.2842 and closed at 1.2922, reaching a daily low of 1.2821 and a daily high of 1.2956.
The report on GfK German consumer confidence for May was released today, showing a reading of 6.5 points, 0.3 points above forecast and the April reading. The final German Q1 GDP figure shows a growth of 0.1 percent over the previous quarter and matches both the prior quarter value and forecasts. May’s German Ifo business climate index came in at 105.7 points, compared to the expected 104.6. April showed 104.4.

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April US core durable goods orders came out at 1.30 pm BST and revealed a 1.3 percent increase m/m. Analysts had expected a 0.6 percent increase, compared to the prior period’s 1.5 percent decrease. April US durable goods orders (including transportation) increased by 3.3 percent m/m, compared to the forecasted of 1.6 percent. In March, the reading was -6.9 percent.

The EUR/USD tested the 1.3000 resistance today but failed to break through and stalled. Right now the price is residing at 1.2929.
GBP/USD
The daily candle for Thursday 23rd opened at 1.5034, reached the 1.5014 low and the 1.5128 high, and closed at 1.5092.
The UK BBA mortgage approvals for May had increased to 32.2K from prior 31.2K. The expectation had been for a rise to 32.7K.

The pair is testing right now a daily high at 1.5135.
USD/JPY
The pair fell sharply to 101.08 during the Asian session today, after the BoJ’s chief Haruhiko Kuroda indicated his contentment with the BoJ’s current stimulus measures and repeated that the central bank would move as necessary to curb increases in Japanese bond yields.
The price increased to 102.12 at around London opening hour today and has reached 100.88 so far.

The NIKKEI index fell by 7 percent yesterday.
US stocks decreased in value, despite positive data from the factory sector.
AUD/USD
The LME Copper prices decreased by 2.6 percent to $7285.5/MT and aluminium prices declined by 0.6 percent to $1826.0/MT today.
Economic data released this morning showed that Chinese MNI flash business sentiment indicator had dropped to 57.1 points in May, from a reading of 58.5 in April.
Today, the AUD/USD pair has been trading in a range between 0.9707 and 0.9648 so far. Right now, it is quoted at 0.9672.
USD/CAD
The pair is still moving within yesterday’s range between 1.0287 and 1.0393. Positive US economic data has not have a strong impact on the price and the USD/CAD has been trading sluggishly. Right now the price is residing at the 1.0323 level.
The USD/CAD is moving within an upwards channel seen on 4H timeframe.
Oil futures dropped below $94 today and seem set for a weekly loss.
USD/CHF
The pair continued yesterday’s bearish movement and has come to 0.9592 so far. Thursday’s low was 0.9634.
After the US data release, the price jumped 25 pips, but the positive influence on the USD wore off quickly and a downslope followed to a day’s low of 0.9592. Right now USD/CHF is quoted at the 0.9600 level.
However, weak economy in Europe could force the SNB to consider negative rates, and the ECB also may do so.

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