The Fusion Media Network:

Real-Time Quotes:

Home

Analysis

General Overview

Fundamental

Technical

Futures

Central Banks

Forex Brokers

Trading Tools

Crosses

Daily Analysis

By:

iForex

2008-31-03

votes

View Comments (0)

Previous Analysis | Next Analysis

	Text Size
	Print
	Email
	Add a Comment

The 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 Pound

Euro

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

Digg

Del.icio.us

Mixx it!

Reddit!

Wikio

Next Analysis:

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 base to tens ...

Disclaimer:
You should not engage in speculative spot forex or CFD trading unless you understand the basic aspects of such trading and its risks – for example, how positions are opened and closed, how profits and losses are made and the extent of your exposure to risk and loss. Trading in spot Forex and CFDs is speculative and involves a high degree of risk. In particular, because it will be conducted using margin (which covers only a small percentage of the value of the foreign currency traded), price changes in spot Forex or CFD can result in significant losses. Therefore, trading in these contracts is appropriate only for persons who understand and are willing to assume the economic, legal and other risks involved in such transactions.

News

Quotes

Forex Analysis

Forex Brokers

Forex Software

Live Events

Charts

Education

Forex Forums

Languages

Risk Disclosure: Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All stock prices, indexes, futures and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.