Trading Point Daily Market Review – United States Session-US Dollar continues to record new lows against its counterpairs

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The EURO recorded losses against the American Dollar during today’s US session. The Single currency that was at a 1.4648 16 month high at 10:00 GMT started recording losses during the overlap of the US and EU session. A trough point of 1.4532 was developed at 13:00 while a second one at a similar level looks like being in the process of being generated. The 1.4532 is the EURUSD 23.6 Fibonacci support level and as it has been tested twice so far during the session. Nevertheless not much action is expected to take place further to the session since most of the major markets will be closed following the Easter vacation.

The sterling has been recording gains against the USD since the Asian session and continued to do so during the EU session following the announcement of strong UK retail sales figures. At the start of the session weak employment data were released for the USA that helped the sterling reach a 16month high of 1.6598. However shortly after the sterling lost 75 pips and is currently following a down movement. The GBPUSD is currently traded at 1.6518.

Following a continuous downtrend combined with the weak US employment data the Swiss Franc just like the Sterling recorded a new peak against the USD. The Dollar continues to struggle, is under major pressure and therefore has recorded fresh lows against major currencies. The session start found the USDCHF at 0.8791 from which the pair has been following a constant upward trend which could either be a recovery or a correction.

Just like all the other currencies previously described the Canadian Dollar took its turn to record a 3.5 year high against the American Greenback. The Canadian Dollar however failed to retain these gains as most of them were lost as a result of unexpected weak retail sales figures. An announced figure of 0.4% as opposed to the 0.5% expected brought the US session to a near 80 pip loss for the Canadian Dollar.

Continuing to follow an uptrend Gold rose even higher reaching 1508.78. Following the inflation unrest as well as the drop of the Dollar investors are seeking high yielding currencies and commodities. The session started with the all time high taking a nose dive to 1500.38 with Gold being currently at 1505.78.

EURUSD USDJPY GBPUSD USDCHF USDCAD Gold
OPEN 

(12:00 GMT)

1.4614 82.02 1.6590 0.8791 0.9466 1507.13
DAY’S HIGH 1.4613 82.05 1.6598 0.8857 0.9536 1508.78
DAY’S LOW 1.4531 81.61 1.6507 0.8789 0.9453 1500.38
CLOSE 

(21:00 GMT)

1.4556 81.80 1.6527 0.8853 0.9536 1504.79