Currency Updates:
U.S. Dollar Trading (USD) ended the day substantially lower after initially gaining on the back of Euro weakness. Weekly Jobless Claims fell to 382k vs. 387k previously in a continuation of strong US Jobs data. US Durable Goods were weak at -0.9% m/m. In US stocks, DJIA +84 points closing at 12170, S& P +12 points closing at 1309 and NASDAQ +38 points closing at 2736. Looking ahead, March Revised UoM Consumer Sentiment forecast 68 vs. 68.2 previously.
The Euro (EUR) was volatile hitting day lows into Europe on the rating downgrades of Portugal and Spanish banks before reversing higher on strong economic data and EU summit optimism. March Service PMI jumped to 56.9 vs. 56.4 previously. Overall the EUR/USD traded with a low of 1.4053 and a high of 1.4222 before closing the day around 1.4180 in the New York session. Looking ahead, March German IFO forecast at 110.5 vs. 111.2 previously.
The Japanese Yen (JPY) was contained against the USD trapped by real money selling on the topside and BOJ support on the downside. EUR/JPY and AUD/JPY surged towards recent months highs as the majors move to year highs. Overall the USD/JPY traded with a low of 80.75 and a high of 81.08 before closing the day around 80.95 in the New York session.
The Sterling (GBP) the GBP was under a lot of pressure as the market react to weak economic data and sharp moves on crosses. EUR/GBP broke to multimonth highs hitting 0.8800 and threatening to reverse a 2 year down trend. Overall the GBP/USD traded with a low of 1.6089 and a high of 1.6270 before closing the day at 1.6115 in the New York session.
The Australian Dollar (AUD) the Aussie reclaimed 1.0200 and is in striking distance of all time highs just above 1.0250. AUD/NZD found itself lower on the day though after technical resistance at 1.3700 inspired a pullback. Overall the AUD/USD traded with a low of 1.0111 and a high of 1.0231 before closing the day at 1.0200 in the New York session.
Oil & Gold (XAU) extended gains to fresh all time highs above $1445 before reversing sharply to $1430. Overall trading with a low of USD$1423 and high of USD $1448 before ending the New York session at USD$1433 an ounce. Ended roughly unchanged but rallied above $106.50 during the day. WTI Oil Closed +$0.35 at $105.40 a barrel.
