Currency Updates:
U.S. Dollar Trading (USD) heavy stock market selling and more analysts joining the downside call helped the USD to fresh month highs on Friday. The commodities led correction has been in play for most of the week and more downside is seen with Fresh IMF issues over the weekend. In US stocks, DJIA -100 points closing at 12595, S& P -10 points closing at 1337 and NASDAQ -34 points closing at 2828. Looking ahead, May Housing Index forecast at 17 vs. 16.
The Euro (EUR) Q1 GDP surprised at 0.8% at 0.6% previously and helped the Euro rally briefly into Europe but sellers took control the major slumped to fresh month lows. EUR/USD headed towards the key 1.4000 level. Overall the EUR/USD traded with a low of 1.4064 and a high of 1.4339 before closing the day around 1.4106 in the New York session. Looking ahead, April Inflation forecast at 0.6% vs. 1.4% previously.
The Japanese Yen (JPY) the major rallied off day lows caused from the heavy selling on the crosses with the market still attracted to the Y81 level. AUD/JPY and EUR/JPY have hit day month lows with risk off trade supporting the safe haven Yen. Overall the USD/JPY traded with a low of 80.33 and a high of 81.09 before closing the day around 80.80 in the New York session.
The Sterling (GBP) was not immune to the Euro weakness but did fair better helping EUR/GBP to fall below 0.8700. Cable fell to month lows below 1.6200 and is searching for support in the risk off environment.   Overall the GBP/USD traded with a low of 1.6146 and a high of 1.6308 before closing the day at 1.6184 in the New York session
The Australian Dollar (AUD) was one of the weakest currencies with the risk sensitive Aussie plummeting towards 1.0500 as sentiment towards the pair turned bearish with stocks. AUD/JPY and most crosses as seeing technical level broken in what could be a major correction. Overall the AUD/USD traded with a low of 1.0517 and a high of 1.0716 before closing the day at 1.0574 in the New York session.
Oil & Gold (XAU) dumped below $1500 after the USD strength beat out support for the precious metal from safe haven buyers. The $1500 level has proved a key pivot point in recent trading sessions with the direction of the next move hotly debated. Overall trading with a low of USD$1482 and high of USD $1516 before ending the New York session at USD$1592 an ounce. Ended near opening levels after finding support at $97. WTI Oil Closed +$0.60 at $99.50 a barrel.
