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Wall Street closed the trading day in green and American Futures roses as Cyprus accepted the bailout conditions. The Dow rose by 26 points the NASDAQ by 27 and the S&P 500 by 13. The US Dollar fell against most of major currencies as Cyprus agreed to the bailout conditions. The US Dollar rose against the Japanese Yen and nearly reached 95.00.

Gold rebounded by almost $7 as the dollar weakened during Asian trading. Crude Oil advanced by almost $1.50 against the USD.

The Euro advance versus the US Dollar and other major currencies as Cyprus approved the bailout plan. According to this plan, the troika will deliver 10 billion Euros to Cyprus during the next few months as a rescue package. Technically, the trend for the EUR/USD has turned bullish. Breaching above resistance of 1.3100 could lead the pair towards the next resistance level of 1.3200. Today, no major economic data is expected.

The Pound rose versus the dollar as Retails Sales came out better than expected last week sending the Pound to its highest level since 22nd February. Technically, the Pound is fluctuating close to the resistance level of 1.5260 and should the GBP/USD breach this level, it could move towards 1.5335. Today, BBA Mortgage Approvals is expected to come out at 33.6K vs. 32.3K previously.

The Greenback fell versus the Canadian Dollar due to very strong economic data that came out last week from Canada. Technically, according to the 1-Hour chart, the USD/CAD is starting a “W” pattern, with support at 1.0210 and resistance at 1.0260, signaling a future rise for the currency pair, but of course if the pair crosses below 1.0200 it may continue dropping towards 1.0180. Today, no major economic data is expected.

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The Pound recorded its biggest weekly gain against the US Dollar in over 30 days after the Bank of England announced that it will not attempt to revive the economy by debasing the national currency. The Pound received a further boost from a report, released on March 21, showing better than expected retail sales.

The Pound was last trading at the level of 1.5224, which is an increase of 0.35%.

The Australian Dollar hit a 7-week high on Thursday as investors responded to signs that the Australian economy is improving. The consensus among investors is that it is becoming increasingly unlikely that the Reserve Bank of Australia will make an imminent rate cut.

The Australian Dollar was last trading at the level of 1.0441, which is an increase of 0.02%.

The euro recorded gains against its 16 peers after Cyprus’ House of Representatives approved certain measures regarding the bailout deal, triggering optimism about the likelihood of Cyprus reaching a deal with the European Union. Accordingly, the euro hit $1.30 for the first time in a week. Investors’ cautious but optimistic forecast for Cyprus also boosted the Canadian Dollar.

The euro was last trading at the level of 1.2985, which is an increase of 0.68%. The Canadian Dollar was last trading at the level of 1.0226, which is a decrease of 0.22%.

In commodities news, Gold trading is showing signs of becoming more bullish amid the debt crisis in Europe, with investors eyeing the precious metal as a safe haven asset.

Gold was last trading at the level of 1,608.63, which is a decrease of 0.36%.

In other commodities news, positive news from Cyprus also boosted West Texas Intermediate oil, which narrowed its discount versus Brent oil to its lowest level since July. West Texas Intermediate capped its third weekly gain as Cypriot policymakers indicated that the country will avoid financial collapse, and as jobless claims in the US dropped to their lowest level in five years.

WTI Crude Oil was last trading at the level of 93.71, which is an increase of 1.36%.

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Wall Street closed the trading day higher as the concern of Cyprus going bankrupt decreased and after the FED kept the interest rate unchanged at 0.25% and maintained the bond buying program of B$85. The Dow gained by 0.39%, the NASDAQ strengthened by 0.67%, and the S&P 500 gained 0.71%. Facebook shares tumbled by 2.96%, closing at $25.90.

The US Dollar traded mixed against most of the major currencies following the FED announcement over the interest rate and stimulus. Today, the Unemployment Claims are expected at 343k vs. 332k previously, the Existing Home Sales at 5.02M vs. 4.92M previously and the Philly Fed Manufacturing Index at -1.6 vs. -12.5 previously.

Gold declined by 0.36%, closing at $1,606 an ounce in response to FED’s forecast to the unemployment rate, while Crude Oil rose by 0.89%, closing at $93.40 a barrel in response to unexpected drop in the Inventories.

The Euro gained versus the US Dollar after Cyprus “earned” more time to find out solution to avoid a banking collapse. The FED’s continuing bond buying program also supported the Euro to consolidate above the support area of 1.2900. Technically, the trend for the EUR/USD remains bearish as long as it trades below the resistance level of 1.2970. However, should it breach above this level, we might see the pair advancing towards the 1.3040 levels once again. Today, German Flash Manufacturing PMI is expected at 50.8 vs. 50.3 previously.

The Pound finished the trading day unchanged in spite of very high volatile session. Just before the MPC Meeting Minutes the Cable dropped to 1.5030 levels but few minutes after, it surged by more than 120 pips in response to Finance Minister’s intention to cut the government budget. Technically, the Pound is trading in a channel between the support level of 1.5040 and the resistance level of 1.5180; should the GBP/USD breach this level, it could move towards to the next resistance level of 1.5270. Today, the Retail Sales are expected at 0.5% vs. -0.6% previously and the Public Sector Net Borrowing at -16 vs. -14 previously.

The New Zealand dollar surged across the board after the quarterly data of GDP was released at 1.5% much higher than the expected 0.9% pointing to a big improvement in the nation’s economy and growth. Technically, according to the one-hour chart, a strong resistance level is located at 0.8280. Should the pair cross above this level, it could move towards the next resistance level of 0.8340. No economic data is expected today.

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Wall Street closed the trading day mixed after the Cypriot Parliament rejected the bank-deposit levy increasing the uncertainty as to whether the country goes bankrupt. The Dow Jones gained by 0.05%, the NASDAQ declined by 0.26% and the S&P 500 lost 0.24% from its value. The US Dollar rose against most of the major currencies on concerns over the developing economic crisis in the Euro zone pushing investors to the safety-haven of the greenback. Today, the Interest Rate Decision is expected to remain unchanged at 0.25%.

Gold gained by 0.46% closing at $1,613 an ounce. Crude Oil fell by 1.79% closing at $92.50 a barrel due to the Cyprus effect that caused investors to avoid growth sensitive commodities.
The Euro dropped versus the U.S dollar as Cyprus has rejected the European Union’s proposal to levy taxes on bank deposits. The EUR/USD is strongly bearish and the pair has broken the support level of 1.2880, holding below this level while the RSI indicator is holding below the 50 level will keep the negative momentum and might lead the EUR/USD towards the support level of 1.2700. Today, German PPI is expected to come out at 0.20% vs. 0.80% previously .
The Pound finished the trading day unchanged versus the US dollar as the uncertainty in Cyprus caused investors to turn to U.K assets as a haven. Technically, the Cable is moving in a channel between the support level of 1.5070 and 1.5175 resistance level, breaking this level could lead the GBP/USD to the next support at 1.4920. Today, Claimant Count Change is expected to come out at -5.20K vs. -12.50K previously.
The Canadian Dollar declined versus the US Dollar after Manufacturing Sales came out worse than expected at -0.20% vs. 0.70%. Technically, according to the four hour chart using “Fibonacci Retracement” we notice that the pair has finished the expected retracement, Breaching above the resistance level of 1.0280 could lead the USD/CAD towards 1.0330 areas. No economic data is expected today.

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Wall Street closed the trading day in the red over investor concern about the news of the Cyprus bailout and levy. The Dow Jones fell by 0.43%, the NASDAQ declined by 0.35% and the S&P 500 lost 0.55% from its value. The US Dollar traded mixed against most of the major currencies after the markets opened the week with a huge gap as the controversial bailout deal for Cyprus threatened to throw Europe back into crisis. Today, Building Permits are at 0.93M vs. 0.90M and the Housing Starts at 0.92M vs. 0.89M previously.

Gold gained by 0.92% closing at $1,605 an ounce. Crude Oil rose by 1.81% closing at $94.20 a barrel.

The Euro strengthened versus the U.S dollar after the European Union asked Cyprus to tax bank deposits in order to create a broader bailout package. Technically, according to the four-hour chart using “Fibonacci Retracement” the EUR/USD has reached the second level and is expected to keep the negative momentum and retest the support level of 1.2885 once again. Today, German ZEW Economic Sentiment is expected at 47.90 vs. 48.20 previously.

The Pound finished the trading day unchanged versus the US dollar as the crisis in Cyprus might create an alternative for investors to turn to U.K assets as a haven. Technically, we notice a “Descending Triangle” pattern in the one hour chart, breaking the support level of 1.5070 could lead the cable towards 1.4920 areas once again. Today, CPI is expected to come out at 2.80% vs. 2.70 previously.

The Canadian Dollar declined versus the US Dollar after the events in Cyprus boosted demand for the greenback. Technically, according to the one hour chart strong resistance is at 1.0250, breaching above this could lead the pair to the next resistance level at 1.0275. Today, Manufacturing sales are expected to come out at 0.70% vs. -3.10% previously.

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U.S major indices declined slightly on Friday and stocks are expected to open with sharp declines on Monday after EU finance ministers announced they wish to force bank depositors in Cyprus to pay part of their deposits in order to receive the 10 billion Euro aid package. Dow Jones declined by 0.17% on Friday and opened the trading week 100 points lower after the Cyprus turmoil. Boeing shares gained by 2.14% as the company’s grounded 787 Dreamliner is expected to be back in the air in less than a month.

The Dollar started the trading week stronger versus most majors after EU ministers made an unprecedented request to Cyprus in order to receive their bailout funds. As long as risk aversion remains strong the Dollar and Yen are expected to rise versus the other majors.

Volatility in Gold is rising and traders should watch the 4 hour Bollinger Bands in order to make a smart trading choice. Gold could jump above the $1,600 resistance level again if EU finance ministers hold firmly behind their bailout requirements from Greece, which could reignite European debt crisis fears.

The Euro fell versus all majors on Sunday night, falling by as much as 1.5% versus the Dollar as EU bank tax on Cyprus is an unprecedented making Cypriots angry. Moody’s commented that Cyprus bailout is negative for Europe and could be contagious. Technically, EUR/USD is on a clear downtrend and is trading at its lowest levels since December 2012.

The Pound remains stable versus the Dollar as investors’ risk aversion leads them towards the recent strength of the Pound. Technically, GBP/USD is trading near the 38.20% Fibonacci support level at 1.5075 and if it remains above this level the pair could reach 1.52.

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The Pound climbed to its highest level against the US Dollar since June of 2012 after Bank of England Governor Mervyn King announced that policymakers are not trying to bring down the beleaguered currency. Speaking in an interview with ITV News on March 14, Mr. King said that the exchange rate of the Pound, which had hit a 30-month low against the US Dollar, would be determined not by policymakers, but by the markets.

The Pound was last trading against the US Dollar at the level of 1.5112, which is an increase of 0.21%.

The Canadian Dollar hit a three-week high against the US Dollar after the release of a report on US inflation convinced investors that the Federal Reserve would likely continue its policy of economic stimulus. Further contributing to the strengthening of the Canadian Dollar was data showing that the economies of both Canada and the United States added more jobs in February than had been expected.

The Canadian Dollar was last trading against the US Dollar at the level of 1.0192, which is a decrease of 0.27%.

In other currency news, former Italian Prime Minister Romano Prodi said that the austerity measures now taking place in Europe are excessive, and that the euro’s exchange rate is too high. The GDP for the 17-nation euro area will drop to 0.3% in 2013, with unemployment likely to reach 12.2%.

The euro was last trading against the US Dollar at the level of 1.3074, which is an increase of 0.54%.

In commodities news, Gold recorded its biggest weekly gain in eight weeks amid heightened demand for precious metals as an inflation hedge. Investors’ demand for Gold and other precious metals remains strong, especially in the Far East.
Gold was last trading at the level of 1,591.82, which is an increase of 0.12%.

In other marker news, the S&P 500 climbed by 0.6% on Thursday, nearing the record it set in October of 2007. The rally was triggered by news that fewer Americans were applying for unemployment benefits. The Federal Reserve’s bond purchasing, a policy known as quantitative easing, has boosted the S&P 500 since March of 2009, when the benchmark index hit a 12-year low.

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Wall Street closed stable after better than expected U.S data showed higher consumption. The Dow gained by 0.04%, the NASDAQ rose by 0.09% and the S&P 500 added 0.13% to its value.

The U.S. dollar climbed versus major currencies as Retail Sales came out 1.1% better than the expected 0.5%, hitting their highest level in the last five months. Today, PPI is expected to come out at 0.7% vs. 0.2 previously, Unemployment Claims at 348K vs. 340K and the Current Account at -111B vs. -108B prior.

Gold declined by 0.26% closing at $1,587 an ounce. Crude Oil closed almost unchanged at $92.40 a barrel with slight decline of 0.12% after the inventories data showed on insignificant change.

The Euro fell versus most of the majors after positive U.S. data emphasized that the US markets are more attractive than the European. Industrial Production came out at -0.4% vs. the expected -0.1%. According to the one hour chart, the EUR/USD is performing a Bear flag pattern which indicates that the pair might continue falling towards the support level of 1.2880. However, crossing above the resistance level of 1.2980 again could lead the pair back to 1.3070 areas. The EU Economic Summit will be held today.

The Pound was little changed versus the greenback due to speculation the BOE might divert from its inflation target of 2% in order to support UK economic growth. Technically, the Cable’s major trend remains bearish and if it maintains the resistance level of 1.4980, it is expected to test the 1.4850 support level once again. No major economic data is expected today.

The New Zealand Dollar tumbled against the major currencies after the central bank of New Zealand kept the interest rate unchanged at 2.50%. Technically, the NZD/USD is trading in a descending channel and is likely to continue towards 0.8100.

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Wall Street closed stable after better than expected U.S data showed higher consumption. The Dow gained by 0.04%, the NASDAQ rose by 0.09% and the S&P 500 added 0.13% to its value.

The U.S. dollar climbed versus major currencies as Retail Sales came out 1.1% better than the expected 0.5%, hitting their highest level in the last five months. Today, PPI is expected to come out at 0.7% vs. 0.2 previously, Unemployment Claims at 348K vs. 340K and the Current Account at -111B vs. -108B prior.

Gold declined by 0.26% closing at $1,587 an ounce. Crude Oil closed almost unchanged at $92.40 a barrel with slight decline of 0.12% after the inventories data showed on insignificant change.

The Euro fell versus most of the majors after positive U.S. data emphasized that the US markets are more attractive than the European. Industrial Production came out at -0.4% vs. the expected -0.1%. According to the one hour chart, the EUR/USD is performing a Bear flag pattern which indicates that the pair might continue falling towards the support level of 1.2880. However, crossing above the resistance level of 1.2980 again could lead the pair back to 1.3070 areas. The EU Economic Summit will be held today.

The Pound was little changed versus the greenback due to speculation the BOE might divert from its inflation target of 2% in order to support UK economic growth. Technically, the Cable’s major trend remains bearish and if it maintains the resistance level of 1.4980, it is expected to test the 1.4850 support level once again. No major economic data is expected today.

The New Zealand Dollar tumbled against the major currencies after the central bank of New Zealand kept the interest rate unchanged at 2.50%. Technically, the NZD/USD is trading in a descending channel and is likely to continue towards 0.8100.

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Wall Street closed mix as the Republicans and the Democrats failed to come to agreement over Budget Cuts. The Dow Jones by 0.08%, NASDAQ fell by 0.24% and the S&P 500 lost 0.20% from its value.
The dollar traded mix against its major counterparts. Today, Core Retail Sales are expected at 0.5% vs. 0.2 previously, and Retail Sales at 0.5% vs. 0.1%. Gold gained by 0.70% closing at $1,592 an ounce. Crude Oil advanced by 0.6% closing at $92.60 a barrel.
The Euro closed almost unchanged versus the U.S dollar as German Final CPI came out as expected at 0.6%. Technically and according to RSI indicator now located around 41, the EUR/USD is expected to rise towards the next resistance level at 1.3100. If the currency pair fails to breach resistance at 1.3065 it may fall back towards the 1.2950 support level. Today, the French Final Non-Farm Payrolls is expected to come out at -0.2% unchanged.
The Pound rose against the other major currencies after mixed UK macro data. Manufacturing Production worse than expected at -1.5% vs. 0.0% and the Trade Balance came better than expected at -8.2B vs. -8.8. Technically, the GBP/USD is moving in a range between 1.4835 to 1.4960 and if the pair maintains its support at 1.4835 should it rise towards the 1.5025 resistance level. No major economic data is expected today.
The Australian Dollar rose against the U.S dollar for the second day in a row after it succeeded in maintaining support at 1.0200. The Home Loans came out worse than expected at -1.5% vs. 0.2%. Technically, the AUD/USD breached the 38.20% “Fibonacci Retracement” and it is more likely to keep rising towards 1.0355. Today, MI Inflation Expectations is expected to come out.