Gains continue for the USD and GBP The pair was trading at 1.6328 down by 0.14%.
In March, consumer reports indicated a rise in consumer confidence easing investor concerns continuing onto April’s numbers. However, the overall numbers for the British Pound were lower against the U.S. Dollar. For the future, the temperament for sterling is positive, if the U.S. maintains strong growth figures fueling gains for the pound.
Tuesday’s low, the pair was likely to find support at 1.6228, and resistance at 1.6426, for Friday.
The Euro’s Numbers Tumble Against the Dollar at 1.4430, down 0.40% against the U.S. Dollar as of Friday.
The rating agency Standard and Poor’s downgraded the debt owed by Portugal for the second time causing the Euro to fall hard against the dollar. In addition, after fears that Greece would need additional bailout funds, the country’s debt was also downgraded. The outlook is looking positive, as it is probable for both the dollar and Euro to prove a steady growth potential and possibly assisting the USD to hit some higher numbers close out the weekend.
Thursday’s low, the pair was likely to find support at 1.4430, and resistance at 1.4520, for Friday.
Buying Pressure Continues for the Swiss Franc. The pair traded at 0.8391.
Signs of global recovery are in effect as the US showed a gain in retail sales, for the ninth consecutive time. In addition, gains in industrial production in Europe show positive signs for investors easing some pressures off the Franc. Despite the gains in the dollar, the overall numbers are still indicating weakness. Switzerland’s inflation numbers are also steady – another positive indicator of economic recovery.
Thursday’s low, the pair was likely to find support at 0.8895 with the key resistance at 0.8990, for Friday.
USD/JPY Showing Signs of Recovery despite trading at 83.09, down 0.49%, as of Friday.
The Japanese Yen was trading higher against the U.S. Dollar on Friday. Despite the lower dollar numbers, the US economy is beginning to recover. As the improved numbers for unemployment and economic growth trickle in, investors are starting to take notice. As these numbers improve, the outlook for the dollar is to rise above the yen for 2011. Japan is slowly recovering despite the raise of the crisis level of the Fukushima Daiichi nuclear power plant to seven – the same level as the Chernobyl disaster. The news caused some risk aversion but the yen is maintaining a presence. In addition, the downgrading of its credit rating caused a rise in the dollar as massive sell-offs spawned a massive sell-off in the yen.
Thursday’s low, the pair was likely to find support at 82.96 with the key resistance at 85.14, for Friday.