Yen consolidates after a two-week low
Currently throughout the US session the major pairs along with the dollar and the yen are consolidating so far mainly on pure technical and correctional movements after that the yen fell the most in two weeks as a report signaling an improving outlook for Chinese manufacturing boosted stocks and damped haven demand.
Now the euro is presently narrow trading on the four and one-hour charts as a result of the current technical movements sending in fact the EUR/USD pair to trade up around $1.3646 while recording the highest level of $1.3687 and lowest level of $1.3645, knowing that the pair may incline but slightly as mixed signs are seen throughout the four-hour and one-hour momentum indicators.
As for the British Pound, it is also consolidating on these correctional movements driving the GBP/USD pair to trade around $1.6854 while recording the highest level of $1.6918 and lowest of $1.6852 and is most probably going to remain at consolidated levels as mixed signs; buying and selling, are also witnessed at several time scale within the stochastic oscialltor.
Finally, as a result of mixed signs and a weak dollar witnessed throughout the momentum indicators at different time charts the USD/JPY pair is falling slightly to trade around ¥101.80 while recording the highest level of ¥101.82 and lowest levels of ¥101.36.
Gold consolidates and crude climbed slightly on today’s jobs data
Gold saw its prices consolidated while that crude prices climbed after that a report
released today on the U.S revealed mixed jobs data. In fact filings forunemployment insurance benefits increased more than expected last week; while continuing claims fell to the lowest since December 2007, indicating the job market still needs more time to keep sustained improvement. Jobless claims jumped 28,000 to 326,000 in the week-ended May 17, following last week’s claims of 298,000 that were 1,000 higher than initially estimated. Analysts had expected a rise to 310,000. Not forgetting yesterday where members of the Federal Open Market Committee said the Federal Reserve’s accommodative stance to help job growth is not increasing the risk of an unwanted rise in inflation. With inflation expected to remain well below its 2 percent goal, the Federal Open Market Committee doesn’t “face a trade- off between its employment and inflation objectives, and an expansion of aggregate demand would result in further progress relative to both objectives,” according to minutes of their April 29-30 meeting released today in Washington.. While that this week’s EIA report showed that the U.S commercial crude oil inventories decreased by 7.2 million barrels from the previous week. At 391.3 million barrels while that the total motor gasoline inventories increased by 1.0 million barrels last week. Plus finished gasoline inventories increased while blending components inventories both decreased last week and distillate fuel inventories increased by 3.4 million barrels last week and are near the lower limit of the average range for the time of the year. Accordingly the gold is so far trading around $1295.30 an ounce recording a high of $1303.50 an ounce and a low of $1289.65 an ounce and crude is trading around $103.80 a barrel recording a high of $104.18 a barrel and a low of $103.78 a barrel.
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