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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Euro Dollar Higher After French CPI

Article By: ,  Financial Analyst
April 30, 2012 9:00 AM

Euro-Dollar Higher After French CPI. Euro-dollar is extending its momentum today after the French CPI rose by 0.8% month-on-month in March and 2.3% year-on-year, above expectations at +0.6% and +2.1% respectively. Euro was trading higher as we headed into the close of Asian markets, after a choppy trading session on Wednesday where jitters on the euro zone debt markets were on the wires.
EUR/USD
Range: 1.3106 – 1.3150
Support: 1.3100
Resistance: 1.3150

Euro-dollar closed in NY at 1.3109 after recovering off a late pullback low of 1.3094. The rate extended its recovery, aided by early euro-yen demand into Asia, providing the early lift to 1.312. The rate dipped back to 1.3105 before picking up stronger demand interest prompted by the release of much stronger than expected Australian jobs data. Buyers took the rate through reported offers at 1.3130 and on to 1.3137. The rate was holding firm into early Europe. Sell interest is reported in place to 1.3150 and should make upside progress sticky, while another notes offers through to 1.3165, with decent sized stops residing above 1.3170. Support 1.3100-1.3090 with stops below, a break to open a deeper move toward 1.3065-1.3050.

GBP/USD
Range: 1.5913 – 1.5935
Support: 1.5900
Resistance: 1.5960

Cable closed in NY at 1.5909 after recovering off a late session pullback low of 1.5888, with the corrective rally continuing into Asia as rate edged on to 1.5930. The move up trailed euro-dollar as this latter rate outpaced, which in turn allowed euro-sterling to edge up from early Asian lows of 0.8234 to 0.8249. Both rates were seen holding firm into early Europe, mainly supported by the buoyant tone in euro-dollar. Offers seen placed from 1.5930 through to 1.5940, a break to open a move on toward 1.5950 with minor offers seen here with stops then dotted above through to 1.5965. Further offers are seen mixed in between 1.5960-1.5965, a break to allow for a move on toward 1.5980. Support seen back at 1.5900, a break to allow for a deeper move toward 1.5888, stops then noted on a break of 1.5880.
Gold
Range: 1,656.24 – 1,660.26
Support: 1,553.00
Resistance: 1,663.00

Gold continues to consolidate the gains seen on Tuesday with a somewhat subdued session yesterday and in Asia where prices have been tied into a 1,653-1,663 range. Rekindled talk of possible further QE from the US has led to further safe-haven demand this week for the metal along with concerns in the EU over Spanish and Italian debt. The approaching Indian wedding season has also sparked some fresh physical demand for gold. Yesterday’s sharp bounce in Crude oil has also helped to underpin the metal. The Chairman of the GFMS stated that 2013 could see a record high price of over 2,000, but feels the year will see a peak with prices falling back as monetary policy in key economies start to normalize and investment appetite in bullion markets slacken. Support at 1,553 and 1,532 and resistance initially at 1,663 ahead of 1,681.

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