UFXMarkets *Daily Forex Currency Trading News* 2-May-2012

Hi, It’s May 2nd, 2012 and I’m Tony Christopher, here with the daily outlook from UFX Markets.
Wall Street closed the trading day in the green as the NASDAQ rose by 0.13% closing
at 3,050.44; the Dow Jones added 0.50% to its value, closing at 13,279.30.
The S&P closed positive, strengthened by 0.57%, closing at 1,405.82 points. U.S. stocks advanced,
sending the Dow Jones Industrial Average to the highest level since 2007, as faster growth
in U.S. manufacturing fueled optimism in the world’s biggest economy.
The US Dollar gained versus most of the majors after a U.S. factory gauge unexpectedly advanced
in April, easing concern the economic recovery is flagging and damping bets the Federal Reserve
will introduce more stimulus. At the same time, Australia’s dollar slid
against most major peers as the Reserve Bank of Australia lowered its overnight cash rate
target to 3.75% from 4.25 %, the deepest cut in three years.
In Commodities, Gold fell by 0.30%, closing at $1,659.00 an ounce and Crude oil rose by
1.00%, closing at $105.95 a barrel.
Euro/dollar Trading was below the resistance level of 1.3280 keeping the momentum of the
pair negative. The RSI is around 48, meaning that it is still on a downtrend. Overall,
the EUR/USD traded with a low of 1.3203 and with a high of 1.3283.
Today, Unemployment Rate is expected with 10.90% vs. 10.80% previously.
The trend for the Pound/dollar remains bearish if it maintains its resistance level of 1.6280
and it may test its strong support level of 1.6140 once again.
Today, the Construction PMI is expected with 54.10 vs. 56.70 previously.
Finally, The Australian Dollar will continue to be bearish if it maintains its resistance
level of 1.0380.
Well, that’s it for today; I’m Tony Christopher for the daily outlook. Be sure to find out
more at UFXMarkets.com