Bernanke supporting USD and Japanese Q3 GDP attained 1.2%

USD trading was undergoing through great pressure for last few days because global equities sustained at top due to awakening APEC assembly verifying stimulus and declining USD. Federal Reserve Chief Bernanke commented in the support of USD and USD traded low for short period in the US session as the Forex absorbed the comments.

The traders are having doubt on the sincerity of the Fed regarding supporting the USD value at the market. US retail sales were showing good results attaining 1.4% in October against the 0.9% expectation. Let’s see the US Stocks, DJIA +136 points closed at 10406 with S&P moving at +15 points closing at 1109 and NASDAQ moving with +29 points and closed at 2197. In queue, there is US October PPI expectation trading at 0.6% as compared to -0.6% of the previous results.

EUR had a wild trade experience profiting a lot with stock and oil trade market hit lower due to Bernanke’s comments prior to annulling these trade losses to make unblemished highs above 1.5000.

October EU CPI report was at 0.3% as expected. EUR/JPY resisted trailing the improved risk appetite situation because USD/JPY jumped to a month low. Looking at the trade report, EUR/USD traded at the low of 1.4879 and at the high of 1.5018 before the market closed at 1.4975.

On looking ahead, September EU trade Balance expectation reached at -0.9bn against the last forecast of around 1.0bn.

Let’s take a look at USD/JPY trade where the pair traded below the 89 JPY level. Most of the cross currencies strived hard to pull out profits while trading under risk and AUD/JPY under pressure to hold the profitable position when stocks are surging higher and gold continued to trade higher.

In Japan, the third quarter GDP reached at 1.2% against 0.7% of forecast. In all, the pair of USD/JPY traded at the low of 88.73 and higher level of 89.73 prior to the end of the trade at 89.10 in the New York trade session.

Whatever be the trade situation every currency is just struggling hard to hold the profitable position at the Forex market.

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