Currency Updates:
U.S. Dollar Trading (USD) fresh year highs in US Equities sent the dollar down again across the board. US economic data was very mixed with Weekly Jobless Claims jumping to 410k (vs. 383k previously) being offset by the large spike in February Philly Fed Index up 20 points to 35.9. In US stocks, DJIA +29 points closing at 12318, S& P +4 points closing at 1340 and NASDAQ +6 points closing at 2831. Looking ahead, Fed Chairman Bernanke Speaks Before Congress. Also US Treasury Secretary Geithner Speaks.
The Euro (EUR) the Euro took advantage of the USD weakness to push back to 1.3600 and hold at the level into the close. EU Consumer Confidence increased to -9.9 vs. -11 previously in February. Overall the EUR/USD traded with a low of 1.3535 and a high of 1.3629 before closing the day around 1.3620 in the New York session. Looking ahead, January German PPI is forecast at 0.6% vs. 0.7% previously.
The Japanese Yen (JPY) the major struggled to maintain recent strength as the broad USD weakness weighed on the pair. Crosses though mostly headed higher with AUD/JPY pushing fresh multi-month highs above Y84. Overall the USD/JPY traded with a low of 83.33 and a high of 83.77 before closing the day around 83.35 in the New York session.
The Sterling (GBP) BOE member Sentence was quoted as supporting interest rate hikes sooner and Cable was also supported by an increase in the February CBI UK Industrial Trends survey to 23 vs. 17 previously both combined to push the Cable higher. Overall the GBP/USD traded with a low of 1.6073 and a high of 1.6190 before closing the day at 1.6090 in the New York session. Looking ahead, January Retail Sales forecast 0.5% vs. -0.8% previously.
The Australian Dollar (AUD) pushed another cent higher with sellers happy to wait for higher level the market flooded back into the high yielder. All time highs are close at 1.0257 and could be the topside target for buyers in the short term. Overall the AUD/USD traded with a low of 1.0021 and a high of 1.0132 before closing the day at 1.0120 in the New York session.
Oil & Gold (XAU) continued with its grind higher above $1380 and close on a firm footing. Overall trading with a low of USD$1373 and high of USD $1386 before ending the New York session at USD$1384 an ounce. Picked up aggressively on widespread middle eastern political protests. WTI Oil Closed +$1.47 at $86.46 a barrel.
