dow jones

dow jones

UFXMarkets Daily Forex Currency Trading News 16-April-2014

1h ago
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US indices were very volatile yesterday. The trading day closed with gains after several companies announced better than expected quarterly returns. The S&P 500 rose by 0.68%, the NASDAQ by 0.38%, and the Dow Jones added 0.55% to its value. Technically, according to 1-hour chart, the Dow Jones has crossed above the 50% Fibonacci Retracement level at 16,160, and maintaining this will retain the bullish momentum for the index. Gold fell by almost 2% after the US Consumer Price index came out better than expected. Crude Oil has been trading between the support level of $103 and the resistance level of $104.50 for the past week. Today, the Crude Oil Inventories report is expected at four million barrels. The euro finished the day unchanged against the US Dollar following a mixed ZEW Economic Sentiment report. The EUR/USD is maintaining the support level of 1.3788 and is now trading around 1.3815. Today, the CPI and the Core CPI are expected and better than expected results could push the pair higher. Breaching above 1.3850 may cause another jump for the pair to around 1.3900. However, worse than expected data could send the pair down to around to 1.3750. The Pound experienced a lot of volatility during the day only to finish unchanged following the release of mixed economic data. The CPI report came out unchanged at 1.6%, the PPI Input m/m worse than expected at -0.6% vs. -0.1% , and the HPI better than expected at 9.1% vs. 7.2%. The GBP/USD has strong support at 1.6700 and maintaining this may push the pair towards 1.6800. Crossing below this support will cause a drop to 1.6600. Today, the Claimant Count Change report is expected at -30.2K vs. -34.6K previously and the Unemployment Rate unchanged at 7.2%. The Canadian Dollar rose after the Manufacturing Sales came out better than expected, only to fall later in the day with the rise in the US Dollar. The USD/CAD is trading in an ascending channel. Resistance is at 1.1020 and breaching this could lead the pair towards 1.1050. Crossing below the support of 1.0945 will halt the ascending channel with a drop to around 1.0860. Today, the Foreign Securities Purchases is expected at 4.57B vs. 1.09B previously, and the Overnight Rate unchanged at 1.00%. Expect volatility today after the release of the BOC Monetary Policy Report and the BOC Rate Statement.