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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.