Currency Updates:
U.S. Dollar Trading (US) stocks continued to edge lower around the world with sentiment remaining weak. The USD was stronger on pullbacks in the Euro but lost ground against the Yen and Oil. With QE3 winding down concerns on the outlook for the US economy still remain and a cautious approach is been practiced by most traders. In US stocks, DJIA -21 points closing at 12048, S& P -5 points closing at 1279 and NASDAQ -26 points closing at 2275. Looking ahead, Weekly Jobless Claims forecast at 415k vs. 422k previously. April Trade Balance forecast at -48.8bn vs. 48.2bn previously.
The Euro (EUR) fell heavily on profit taking ahead of today&rsquo s ECB rate announcement. The market will be looking for Trichet&rsquo s comments on inflation for the timing of the next rate hike. Also concern for Greece Debt will continue to dominate headlines. Overall the EUR/USD traded with a low of 1.4563 and a high of 1.4690 before closing the day around 1.4610 in the New York session. Looking ahead, ECB Rate Announcement forecast at 1.25% vs. 1.25% previously.
The Japanese Yen (JPY) A break below Y80 on the major helped all crosses fall heavily with EUR/JPY and AUD/JPY leading. The Yen is been the safe have of choice since the USD is under its own debt cloud.   Overall the USD/JPY traded with a low of 79.68 and a high of 80.22 before closing the day around 79.90 in the New York session.
The Sterling (GBP) was able to rebound from weakness in Europe to gain against the USD and EURO during the US session. A lot of talk from rating agencies was the main catalyst for the sharp fall at the start of the European session but the market discounted this as a very small risk. Overall the GBP/USD traded with a low of 1.6346 and a high of 1.6449 before closing the day at 1.6405 in the New York session. Looking ahead, BOE Rate announcement forecast to remain at 0.5%.
The Australian Dollar (AUD) risk off trading hurt the Aussie the most falling through support at 1.0680 and back below 1.0600 briefly before stabilizing later in the day. AUD/PJY broke below the key Y85 level with the market struggling to find support. Overall the AUD/USD traded with a low of 1.0587 and a high of 1.0713 before closing the day at 1.0630 in the New York session.
Oil & Gold (XAU) Gold came under profiting taking pressure falling through $1540 support. Overall trading with a low of USD$1530 and high of USD $1546 before ending the New York session at USD$1536 an ounce. Oil surged on the back of disagreements in the OPEC meeting about raising output to lower the Price. WTI Oil Closed +2.20 at $101.30 a barrel.
