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Forex Market UpdateUSD falls on Bernake's testimony!
The Fed's Bernake said that the future policy decision are increasingly dependent on data and that it is possible that FOMC will take no action on one or more meetings
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€¢ Canada's business conditions orders April, out at -5.0 vs. -1.5 expected.
â€¢ US initial jobless claims April 22, out at 315K vs. 305k expected.
â€¢ US help wanted index March, out at 38 vs 40 expected.
â€¢ US continuing claims April 15, out at 2449K vs. 2440K expected.
â€¢ New Zealand building permits March, out at -14.1% vs. 12.4% expected.
â€¢ Japanese jobless rate march, out at 4.1% in line with expectations.
â€¢ Japanese ind. production March, out at 0.2% vs. 0.1% expected.
â€¢ Japanese retail sales march, out at -0.3% vs. 0.4% expected. (yoy) 1.0% vs. 1.3% expected.
â€¢ Japanese CPI prices March, out at -0.1% in line with expectations. (yoy) 0.3% in line with forecast.
â€¢ Australia's private sector credit MoM% March, out at 1.2% vs. 1.1% expected.
â€¢ Australian March new home sales rise to 5.2% industry group says.
THEMES TO WATCH â€“ UPCOMING SESSION
Bernankeâ€™s testimony confirmed the most recent comments from Fed members that "the end of the tightening process was likely to be near" and left the USD looking very heavy with EURUSD breaking 1.2550 and GBPUSD breaking 1.8000. It seems as if we can now start stepping away from the yield trading outlook from 2005 and putting emphasis on global imbalances and the appreciation of the Asian currencies. We have quite a bit of US data today and it will be interesting to see if the market is able to shake off another round of better than expected US data if that is the case.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur
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