UFX Daily Forex Currency Trading News 13-April-2015
Wall Street finished in the green with the industrial sector driving the market higher, led by an 11 percent gain from multinational conglomerate General Electric. The Dow Jones rose by 0.55%, the S&P 500 by 0.52%, and the NASDAQ added 0.43% to its value. Apple shares rose by 0.43%, closing at $127.10.
The U.S. Dollar traded higher against most major currencies as growing expectations of a U.S. rate hike by the middle of the year continue to lend broad support to the greenback. No economic data is expected today.
Gold rose by 1.08%, closing at $1207 an ounce as metal investors looked ahead to the release of a host of key U.S. economic indicators next week. Crude Oil rose, amid the sharpest rig reduction in the U.S. over the last four weeks, closing at $51.64 a barrel.
The euro fell versus the U.S. Dollar, closing at 1.0604 amid optimistic economic data as the pair continued its move back toward parity. Technically, according to the 1-hour chart, the EUR/USD is bearish, supported by the descending trend line and the MACD indicator below 0. Maintaining these conditions may push the pair down towards 1.0550. However, approaching the trend line may lead the pair to a retracement towards 1.0800. No economic data is expected today.
The Pound fell versus the U.S. Dollar, closing at 1.4631. Technically, according to the daily chart, the pair is trading in a descending channel. Breaching the upper level of the channel may lead the pair towards 1.4800. However, failure may lead to a drop towards 1.4500. No economic data is expected today.
Source Forbes Now
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