City Credit Capital : Pulse of the Market

Pulse of the Market 

• The U.S Dollar flat despite U.S pending home sales rose in March
• Euro looks to German CPI data to set stage for ECB rate decision
• British Pound slides as the unwind in stimulus expectations slow
• Japanese Yen ignores lowest jobless rate since 2008, strong household spending

The U.S Dollar traded lower against major currencies yesterday amid 

speculation the Federal Reserve will decide at a monetary policy this 

week to keep stimulus programs in place, which weaken the U.S 

Dollar to encourage revival. The U.S gross domestic product rose 

2.5% in the first quarter, missing expectations for a 3.0% increase 

though an improvement from a 0.4% rise in the previous quarter.

The news weakened the Greenback by fueling sentiments that the 

Federal Reserve's monetary stimulus programs will stay in place for 

longer than expected. Stimulus tools such as the Fed's monthly $85 

billion bond buying program weaken the U.S Dollar to spur recovery. 

The Federal Reserve will announce its decision on interest rates and 

monetary policy on Thursday. The U.S data released earlier revealed 

that U.S consumer spending rose 0.2% in March, above expectations 

for a 0.1% increase, which gave the U.S Dollar some support. The 

National Association of Realtors said its pending home sales index 

rose by 1.5% in March, beating expectations for a 1% gain. The 

Dollar Index, which tracks the performance of the U.S Dollar versus a 

basket of six other major currencies, was down 0.42% at 82.22.

Euro-Yen
EUR/JPY is trading below 14 and above 50, 100 days
moving average. Fast stochastic is giving a bearish tone
and MACD is also issuing a bearish stance. The Relative
Strength Index is above 55 and lies below the neutral
zone. In general, the pair has gained 0.17%

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