Currency Updates:
U.S. Dollar Trading (USD) traders took advantage of the growing monetary policy divide between the US and other developed countries to sell the USD across the board. Adding to the selling pressure was aggressive commodity movement higher. In US stocks, DJIA -29 points closing at 12380, S& P -5 points closing at 1328 and NASDAQ -15 points closing at 2781. Looking ahead, FOMC Speakers Dudley and Evan.
The Euro (EUR) in what could be described as a delayed reaction to the rate hike from the ECB on Thursday, the market surged higher towards 1.4500 key resistance. Strength was broad based with EUR/GBP breaking above 0.8800. Overall the EUR/USD traded with a low of 1.4289 and a high of 1.4490 before closing the day around 1.4380 in the New York session. Looking ahead, Buba President Speaks.
The Japanese Yen (JPY) reversed direction with the USD weakness prompting a move back below Y85. Most crosses were strong with movement in the majors counteracting the USD/JPY move lower. The outlook for the Yen is closely tied with the fate of global stock markets with the safe haven currency sold when stocks go up. Overall the USD/JPY traded with a low of 84.65 and a high of 85.40 before closing the day around 85.80 in the New York session.
The Sterling (GBP) tested resistance above 1.6400 but failed to close above the figure coming under profit taking pressure. March PPI increased 3.7% m/m and shows the clear inflation pressure the UK economy is under going forward. Overall the GBP/USD traded with a low of 1.6312 and a high of 1.6427 before closing the day at 1.6350 in the New York session.
The Australian Dollar (AUD) fresh all-time highs as the risk commodity currency pushed higher above 1.0500 and consolidated gains. AUD/JPY is within striking distance of the Y90 level and could continue higher if broken. Overall the AUD/USD traded with a low of 1.0450 and a high of 1.0551 before closing the day at 1.0526 in the New York session.
Oil & Gold (XAU) another day of record highs up above $1470 with the daily push higher a common event. Overall trading with a low of USD$1456 and high of USD $1476 before ending the New York session at USD$1475 an ounce. Oil accelerated gains above $113 a barrel in early trade Monday. WTI Oil Closed +$2.49 at $112.80 a barrel.
