consumer confidence

consumer confidence

UFXMarkets Daily Forex Currency Trading News 23-April-2014

43m ago
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US indices finished Tuesday's trading in the green with the NASDAQ adding 0.81% to its value, the Dow Jones 0.40%, and the S&P 500 rose by 0.41%. Adding to the positive climate, the Existing Home Sales report came out better than expected at 4.59M vs. 4.57M. The US Dollar traded mixed against its major counterparts due to gains on Wall Street and better than expected US macro-economic data. Today, the Flash Manufacturing PMI is expected at 56.2 vs. 55.5, and the New Home Sales at 455K vs. 440K. Gold fell and retraced towards $1,283 an ounce by the end of trading. Crude Oil fell on speculation that the Crude Oil Inventories report due out tomorrow will show a higher than expected result. The euro rose slightly versus the other majors as the Euro Zone Consumer Confidence report came out as predicted. The EUR/USD is trading in a narrow range between the 1.3780 support and the 1.3820 resistance level. It may succeed in breaking support on Thursday after Central Bank President Mario Draghi's speech, which should reveal whether we will see an increase in stimulus or a retention of the current plan. Today, the German and French Flash Manufacturing PMI reports are due for release. The Pound rose against the other major currencies prior to the release of the MPC Asset Purchase Facility Votes and the MPC Official Bank Rate Votes. Both are expected to come out unchanged at 0-0-9. However, any change in the first number could take the Pound higher, breaching the next resistance at 1.6840. The CBI Industrial Order Expectations report is also expected at 7 vs. 6 previously. The Japanese Yen traded unchanged versus the other major currencies, as no Japanese macro-economic data was released. Should the stock markets in Japan and the US drop, the pair may cross below the support at 101.40 as investors look to the Japanese Yen as a safe haven. The CSPI report is expected today at 0.8% vs. 0.7%.