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Description
For more currency & commodity news & info, visit http://ufx.co/UFXM-youtube U.S Major Indices rose on Tuesday as Federal Reserve Chairman Bernanke eased concerns over decreasing the stimulus program. The S&P 500 ended up by 0.17%, the NASDAQ by 0.16% and the Dow Jones added 0.34% to its value. Gold declined by 0.79% closing at $1376.35 an ounce, and Crude Oil also fell by 0.57% closing at $95.80. Today, Crude Oil Inventories are expected at -0.4 vs. -0.6M previously. The US Dollar traded mixed against most of the majors with no clear direction before Federal Reserve Chairman Bernanke testifies in the Congress on Wednesday. Investors want to remain calm that the Fed will continue to help the economy grow. Today, Existing Home Sales are expected at 4.99M vs. 4.92M previously. The Euro rose versus the US Dollar regarding the investor concern over continued stimulus. On the 1 hour chart using "Fibonacci Retracement" the EUR/USD has reached 1.2940 and is expected to return to 1.2840. The Pound fell versus the Dollar on Tuesday after worse than expected economic data. CPI came out at 2.40% vs. 2.60% and PPI at -2.30% vs. -1.20%. Technically, according to the 8 hour chart, the cable is strongly bearish. Holding below the resistance level of 1.5195 could lead the pair towards the 1.5070 support level once again. Today, Retail sales are expected at 0.0% vs. -0.7%. The Kiwi declined slightly versus the U.S dollar after inflation expectations ticked down to 2.1% vs. 2.2% prior. Technically, the pair has retraced towards the 61.80% Fibonacci retracement level and holding above this could lead the NZD/USD towards the 0.8200 resistance level. No major economic data is expected today.
