Euro Surges on Optimistic Eurozone Data

The USD Index for the month of March was seen trading higher as the weakening in Japanese Yen turned out to be one of the major factors for the rise. The Yen had fallen sharply after a two day rally.
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Jan. 27, 2013 - PRLog -- DOLLAR

Futures analysis for USD

The USD Index for the month of March was seen trading higher as the weakening in Japanese Yen turned out to be one of the major factors for the rise. The Yen had fallen sharply after a two day rally.

The gains witnessed in the US Dollar were curtailed mostly by the seventeen nation currency, Euro. The Euro inched upwards only after a survey was released that showed that the composite index had risen from 47.2 to 48.2 in this month.

However the real wild card lies in the safety of the US currency as threats were reported of North Korea conducting nuclear weapons test which were ‘targeted’ against the United States. This was expectedly in response to the move of Obama government moving sanctions against North Korea in the United Nations.

Upon technical analysis, the USD seems to be in a position if breakout over a fifty percent level. Along the range of 79.40 to 80.99 the main retracement zone lies around the levels 80.20 to 80.39.

The US dollar gained against the Japanese yen at 90.40 Yen compared to its last trading value of 88.56 Yen.


Euro gains over USD after ECB data release

The US dollar saw a decline in its price against the European currency as strong financial indicators were reported in both the US and the seventeen nation bloc. At 220 GMT Euro was bought for US$1.3376 rising from its previous value of US$1.3315. Also, the Purchasers Manufacturing Index saw its highest level in about ten months. However, analyst resorted not to call this a turn in the European economies and said it was too soon to predict whether the troubled bloc of nations could get out of the crisis surrounding it.

Traders are anticipating the European Central Bank or the ECB’s decision about repaying some one trillion Euros borrowed by various banking institutions in 2012.


BOJ stimulus bets cause Aus. Dollar to rise against Yen

The Australian Dollar rose against its Japanese counterpart as speculation pressure increased over the Bank of Japan to increase stimulus measures after prices in the Core consumer Prices saw a sharp decline in the last month.

The kiwi dollar was seen trading almost 0.3% higher from its previous value back in September 2008 after minutes of a BOJ meeting that showed powerful easing coming up.

Australia’s dollar traded at 94.55 yen, rising by about 0.2 percent higher from its last trading session as of 11:51 a.m. in Sydney.


CRUDE supplies rise

The supplies in crude oil increased in last week as reported by official sources. The crude supplies saw a rise of almost three million dollar barrels to 363 million barrels which is also almost eight percent more than the levels witnessed a year ago.

Gasoline supplies on the other hand went down by 1.7 million barrels, which was 2.7% more than the levels seen a year ago.

The benchmark crude futures were seen trading at $96.23 a barrel in the last trading session.


Stocks bolstered by economic data

A sharp rise was seen in the commodity and the equity markets as encouraging economic data was seen while a selloff in the shares of technical giant, Apple wiped out almost fifty billion dollars from its market value causing eyebrows to be raised over it pulling the US economy down for the past six days. The decline seen from Apple was offset by official data releases that showed some positivity in the market. Upping the ante was the Dow Jones where the Dow Jones Industrial average went up by almost forty nine points by 0.35 percent at 13828.18 levels. On the other hand the S&P 500 Index went up by 0.18 % to reach a steady trading level of 1484.99.

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