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Daily Analysis
By: iForex - 31-03-2008
0votesThe U.S Commerce Department reported yesterday that Gross Domestic Product increased as estimated, by only 0.6%. Even though the figure wasn’t so astonishing, it gave investors some relief showing that the economy is still generally expanding. The Dollar managed to regain some strength against its counterparts following the release, regaining some of Wednesday’s losses, on expectations that the economy will only need one further rate cut, to control recent turmoil.
Crude oil rose back above $107 a barrel after a pipeline explosion in southern Iraq cut supplies to the country’s main export terminal. Gold bounced back and forth throughout the US session closing at $949.57.
The rise in crude prices prevented stock traders from pushing the major indices forward, while disappointing results from Oracle Corp only helped to lower sentiment across the board, sending the indices to close down with approximately 1% losses.
Economic data will continue to have a large effect on the different currency pairs today, starting with data from the U.K followed by a wave of data from the U.S.
Euro | Japanese Yen | British PoundEuro
After opening the session in Asia at $1.5838 the Euro experienced a volatile intraday trading session, loosing its strength to touch a low of $1.5729. Even though the Euro regained some strength during the session it couldn’t hold on its gains, trading at $1.5781 ahead of the London session.
Support: 1.5750, 1.5700, 1.5650
Resistance: 1.5800, 1.5850, 1.5900
Euro | Japanese Yen | British Pound
Japanese Yen
The dollar managed to hold onto its strength throughout the session trading just under the $100 mark. After opening the session at ¥98.78 the dollar traded in an upward trend throughout most of the session receiving a boost from the economic data. Trading at ¥99.77 ahead of the London session.
Support: 99.20, 98.50, 97.90
Resistance: 100.20, 100.50, 101.00
Euro | Japanese Yen | British Pound
British Pound
After opening the session at $2.0069 and trading sideways for the first few hours of the session, the pound gained strength, sending this pair up to touch an intraday high of $2.0184. Forming a “double top” (reversal pattern) the pound changed direction to loose all its strength throughout the rest of the session
Support: 1.9810, 1.9770, 1.9720
Resistance: 2.0000, 2.0050, 2.0100
Euro | Japanese Yen | British Pound
Next Analysis: USD showing broad strength - how long will it last? AUDUSD looking at first key support on RBA outlook.Content Provided by:
iForex
iFOREX is an international group of Forex companies founded in 1996 by a group of bankers and Forex dealers.
In 2004, with an existing wide client base numbering in the thousands, our multilingual internet-based trading platform was launched. Since then, iFOREX has expanded its client bas
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