Month: April 2009

By CountingPips.com

Economic news out of the U.S. today showed that durable goods orders declined in March after rebounding in February. Durable goods orders in the United States fell 0.8 percent in March to a total of $161.2 billion according to news released by the U.S. Commerce Department today. Durable goods sales rebounded in February by a revised 2.1 percent after falling for six straight months. Today’s data beat market forecasts that had been expecting that durable goods orders would decrease by approximately 1.5 percent for the month.

New orders for durable goods excluding transportation fell by 0.6 percent in March following a revised increase of 2.0 percent in February. Market forecasts were predicting a decrease of 1.3 percent in durable goods minus transportation.

Shipments of durable goods decreased in March by 1.7 percent and fell for the eighth straight month. Unfilled orders decreased 1.1 percent in the month while durable good inventories decreased by 1.4 percent and have now declined for three straight months. March nondefense orders for new goods rose by 1.9 percent while defense orders for capital goods decreased by 14.4 percent.

U.S. New Home Sales edge down in March.

New Home Sales in the United States dipped in the month of March  according to data released by the Department of Commerce today. Purchases of new single family homes fell to an annual rate of 356,000 in March, a 0.6 percent decline following February’s 8.2 percent increase in sales. March’s annual rate of new homes sold is 30.6 percent lower than the March 2008 level.

March’s results were worse than market forecasts which were expecting no change in sales for the month but surpassed forecasts expecting an annual rate of 337,000 new homes sold. The median sales price of new homes in March fell by 12 percent on an annual basis to $201,400 while the average sales price was $258,000.

US Dollar declines in forex trading today.

The U.S. dollar has been under pressure in forex trading today against the major currencies.  The dollar has declined versus the euro, Australian dollar,  Japanese yen, New Zealand dollar, British pound, Canadian dollar and Swiss franc.

The euro has advanced versus the USD as the EUR/USD trades at 1.3247 in the afternoon of the US trading session at 2:52pm EST after opening the day at 1.3147 according to currency data from Oanda.

The British pound has increased just slightly today versus the American currency as the GBP/USD has gained from 1.4667 to trading at 1.4674 dollars per pound. The dollar has fallen against the Japanese yen today as the USD/JPY has declined from its 97.36 opening to trading at 97.06.

The dollar has declined against the Canadian dollar after opening at 1.2241 earlier today to trading at 1.2089 later. Meanwhile, the USD has also declined against the Swiss franc from 1.1506 to trading at 1.1394.

The Australian dollar has gained ground versus the USD as the AUD/USD trades at 0.7216 after opening today at 0.7145 while the New Zealand dollar has also climbed versus the USD and the NZD/USD trades at 0.5716 after opening the day’s trading at 0.5635.

USD/CAD Chart – The US Dollar falling sharply today versus the Canadian Dollar in Forex Trading action. The USD/CAD is on its way to declining for the second straight day and ending lower for the week.

The United Kingdom Gross Domestic Product fell by more than expected in the first quarter of 2009 according to a report by the Office of National Statistics today. The U.K. GDP data showed that quarterly GDP fell by 1.9 percent in the January through March quarter following a  decline of 1.6 percent in the fourth quarter of 2008. The 1.9 percent GDP decline marked the largest decrease since the third quarter of 1979.

On an annual basis, the first quarter GDP fell by 4.1 percent from the level of the first quarter of 2008 and marked the largest annual decline since 1980. The 2008 fourth quarter registered a decline of 2.0 percent. Today’s data surpassed economic forecasts which were expecting the quarterly GDP to decline by 1.5 percent and the annual GDP rate to fall by 3.8 percent.

Contributing to the contraction in GDP was a decline of total production output in the first quarter by 5.5 percent after falling by 4.5 percent in the fourth quarter. Construction activity fell by 2.4 percent while total services output saw a decline by 1.2 percent in the first quarter after a 0.8 percent decline in the fourth quarter. Other notable declines for the quarter were business services & finance which fell by 1.8 percent and transport, storage & communication which decreased by 2.9 percent. Positive contributors to the GDP data were agriculture, forestry & fishing output which increased by 0.3 percent and government & other services output which advanced by 0.5 percent for the quarter.

UK Retail Sales gain in March to beat forecasts.

Retail Sales data was also released today out of the United Kingdom and showed that retail sales rose more than expected in March. The UK retail sales data, released by National Statistics, increased by 0.3 percent in March following a revised decrease of 2.0 percent in February. On an annual basis, retail sales increased by 1.5 percent over the March 2008 time period following a 0.4 percent annual gain in February. Today’s sales data surpassed market forecasts that were expecting sales would fall by 0.3 percent in March to register an annual increase of only 1.1 percent.

Contributing to the increase in retail sales was a gain of 0.6 percent in predominantly food stores while non-store retailing & repair also increased for the month by 3.4 percent. Non-food stores saw sales fall by 0.2 percent in March.

By Fast Brokers

Gold did take off after getting above the key $900/oz level after a report that China has increased its gold reserves by 76% since 2003.  However, gold’s run has topped out after Durable Goods Orders beat analyst expectations this morning.  The S&P futures are poised to breakout, meaning the precious metal could quickly return a lot of its recent gains.  Additionally, we wouldn’t be surprised to see gold retrace to $900/oz simply due to the psychological significance of the level.  Furthermore, the release from China’s Xinhua news agency regarding the nation’s gold reserves is a bit vague.  Saying China has increased its reserves of gold by 76% since 2003 doesn’t necessarily mean the buildup has happened recently.  We’re talking about a six year period in which China’s overall reserves skyrocketed.  Is China really diversifying from the Dollar, or is the government playing mind games by stating a figure spread over six years?  One can never be sure.  However, we opt for the mind games explanation.  Either way, China is sending a clear message it plans on diversifying from the Dollar in the present and future, which is likely why gold is experiencing so much strength from the news.  Regardless, gold’s commitment to $900/oz.+ future is a big move and investors should take notice.  If the precious metal can close above our 3rd tier uptrend line on the 4-hour we could see more large near-term gains.  Fundamentally we find resistances of $909.66/oz, $913.47/oz, $916.16/oz, $919.54/oz, and $922.69/oz.  To the downside, we see supports of $907.64/oz, $905.85/oz, $903.83/oz, $900.41/oz, and $898.15/oz. Gold is currently trading at $907.65/oz.

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers

The EUR/USD has put on an incredible rally the last 24 hours, surging past 4/10 lows to our 1st tier downtrend line.  The EUR/USD surpassing the highly psychological 1.30 level and our 3rd tier uptrend line on Thursday was a clear instigating force in sending the currency pair higher.  Yesterday’s better than expected services and manufacturing PMI data combined with today’s optimistic German Ifo Business Climate reading are giving the Euro incredible strength.  All of these data points relay a message that the overall outlook of business managers is improving in the EU.  However, what remains to be seen is whether the upturn in these significant data sets materializes into a real uptrend, or merely a bounce in a downtrend.  Only time will tell.  At least the EUR/USD bulls have something to cheer about now.  The relative strength of the Euro is exemplified by a breakout in the EUR/GBP as it made a psychological move of its own by shooting above .90.  Despite its impressive run, the EUR/USD is ducking back below our 1st tier downtrend line as investors react to Durable Goods Orders from the U.S.  We remain cautiously optimistic as we must remember the ECB has been vague concerning its future monetary policy, creating a lot of uncertainty among the investment world.  Caution aside, the EUR/USD has made some encouraging progress to the topside.  The next set of challenges will be climbing above 4/09 highs and our 2nd and 3rd downtrend lines.  Fundamentally, we find supports of 1.3211, 1.3178, 1.3143, 1.3109, and 1.1.3068.  To the topside, we see resistances of 1.3269, 1.3297, 1.3335, 1.3379, and 1.3411.  1.30 becomes a key psychological cushion while 1.35 serves as a psychological barrier.  The EUR/USD is currently exchanging at 1.3237.

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers

The Cable is recovering from earlier losses in reaction to a worse than expected Prelim GDP release from Britain.  The Prelim GDP number shows the British economy is indeed in worse shape than anticipated as the nation’s production gets punished for its heavy reliance on financial services.  Moody’s highlighted the dismal situation by warning Britain’s AAA credit rating may be in jeopardy due to the nation’s unprecedented over-reliance on debt to keep its economy afloat.  A loss of its AAA rating would raise the interest payments Britain must pay on its debt, only increasing the overall burden on the economy.  Bad news aside, the Cable is reacting in a more positive manner than one would anticipate after such negative developments.  The GBP/USD is finding strength in better than expected business climate data from the EU and durable goods orders out of the U.S.  The Cable has bounced off our 2nd tier trend line and could realize some substantial gains should it brave above yesterday’s high.  The resilience of the GBP/USD is highly reliant on the performance of U.S. equities to counter the bad news from Britain.  With the S&P futures flirting with the possibility of another breakout, the Cable may be inclined to participate due to the positive correlation.  Fundamentally, we find resistances of 1.4730, 1.4773, 1.4826, 1.4864, and 1.4904.  To the downside, we see supports of 1.4677, 1.4612, 1.4567, 1.4532, and 1.4481.  1.45 serves as a psychological cushion with 1.50 acting as a key psychological barrier. The GBP/USD is currently exchanging at 1.4687.

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers

The USD/JPY has declined below our 1st tier downtrend line and is flirting with very dangerous territory.  Its recent downturn could indicate that a large selloff is pending.  However, the USD/JPY’s deterioration is puzzling since the EUR/USD and GBP/USD are breaking out while the S&P futures play with the idea of a brighter future as well.  This development in the USD/JPY is mysterious since the currency pair has been positively correlated with all of these other investment vehicles throughout the crisis.  Could the present performance of the USD/JPY be hinting at an overall depreciation in the Dollar as analysts have forewarned?   Since we haven’t seen any game-changing news from Japan over the past 24 hours and the U.S. reported stronger than expected Durable Goods Orders, our speculation is certainly plausible.  However, we would have to witness a clear follow through in order to make a more convincing argument.  The USD/JPY could simply be giving investors a head fake before it turns higher.  Fundamentally, we find resistances of 97.98, 98.56, 99.20, 99.79, and 100.28.  To the downside, we see supports of 97.11, 96.33, 95.55, 95.04, and 94.48.  The 100 level serves as a key psychological barrier with 95 acting as a psychological cushion.  The USD/JPY is currently exchanging at 97.04.

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

Source: ForexYard

Whilst the Dollar declined in yesterday’s trading against most of its major currency pairs, Oil prices recorded considerable gains. Thus lately, there has been an inverse relationship between the greenback and the black gold. Therefore it is important to follow economic news releases from the U.S. closely today, as a weak U.S. economy is likely to lead to bearish Oil prices. On the other hand, strong U.S. economic data and a strong Dollar are likely to lead to higher Oil prices later today.

Economic News

USD – Dollar Foresees a Bearish Trading Session

The U.S currency continued to slip against the EUR yesterday, dropping 1.1% to as low as 1.3150. It also lost ground against many of its other major currency pairs as investors continue to worry about the depth of the U.S. recession. Analysts anticipate the Dollar to slip further and to make a correction against the major currencies in the short-medium term as many forex traders believe that the USD is overvalued.

The release of the U.S. Existing Home Sales Report yesterday added to downward pressure on the USD. The report showed that sales of U.S. existing homes fell by 3% in March to a 4.57 million-unit annual rate. This data confirms that the U.S. housing market is still weak. Another report showed the number of Americans filing first-time claims for unemployment insurance rose by 27,000 last week to 640,000 as forecast, while total benefit rolls reached a record, indicating the continuous deterioration of the U.S. labor market.

Later today, there are several important economic data releases coming out of the U.S. The most important of these publications is the Core Durable Goods Order indicator at 12:30 GMT. The release is expected to be lower than the previous figure, meaning the USD could continue its bearish behavior today. Traders should pay close attention to the market as there is an opportunity for traders to capitalize on the fluctuations which are likely to follow this release.

EUR – EUR Soars vs. the Dollar

The EUR rallied yesterday against the Dollar as encouraging news about the European economy and banking system sparked hope that the 16-country Euro-Zone may be emerging from the depths of recession. The EUR touched a one-week high versus the Dollar and closed at 1.3150. The European currency finished 100 pips higher against the JPY to finish yesterday’s trading session at the 128.00 level.

The Euro-Zone’s manufacturing and services sector recorded their best performance in 6 months, while industrial orders fell by less than analysts had anticipated. The survey showed a significant improvement, thereby boosting hopes that the rate of decline in the Euro-Zone economy is now moderating after a particularly torrid 4th quarter of 2008 and 1st quarter of 2009. The reduced contraction in manufacturing activity in April suggests that the sector is starting to benefit from the massive de-stocking that has taken place.

Today, there are many news events coming out of the Euro-Zone and Britain. From the Euro-Zone, investors are advised to follow the French Consumer Spending and German Ifo Business Climate figures that are set to be released at 6:45 and 8:00 GMT respectively. Britain is also set to release Retail Sales figures at 8.30 GMT. The results of these data releases are likely to set the pace for the EUR and Pound in today’s trading.

JPY – Yen Declines as the Japanese Economy Plummets

Japan sank deeper into recession in the 1st quarter since Toyota, Honda and Nissan, Japan’s three biggest automakers, slashed production last month. Japanese automakers have pared production as the global recession and rising unemployment sap demand for vehicles worldwide. Having reduced inventory, and with governments taking steps to revive demand, some carmakers, including Toyota and Nissan, are now planning to ease cuts.

As a result of negative economic news that came out of Japan yesterday, the JPY finished yesterday’s trading session lower against several of its major currency pairs. This was seen against the EUR, pushing the EUR/JPY pair to 128.55. Also, the Yen fell against the GBP, as the pair closed at 0.8960.
Looking to today, the Yen may continue its downward slide against its major currency pairs as Japanese investors seek short-term profits from the Japanese stock market.

OIL – Crude Oil Eyes $50 a Barrel

Crude Oil rose 1.6% yesterday as the Dollar dropped against its major currency pairs, bolstering the appeal of commodities. In addition, Oil’s gains came despite swelling U.S. crude inventories, which hit a fresh 19-year high last week. Prices rose around $1 to $49.70 per barrel, but have dropped from last week’s high of above $52 a barrel. The Energy Information Administration (EIA) stated that Crude Oil supplies rose by 3.9 million barrels in the week ending April 17, marking the sixth weekly gain in a row.

Over the past four weeks, Americans consumed on average of 18.5 million barrels a day of petroleum products, a decline of 6.5% from the same period a year earlier, despite the dramatic plunge in Oil prices from peaks above $147 a barrel in July 2008. If demand of Crude continues to decline, then this will lead to continuing downward pressure on the price of Crude in the short-medium term.

Technical News

EUR/USD

The price of this pair appears to be floating in the over-sold territory on the hourly chart’s RSI indicating an upward correction might be imminent. The upward direction on the 4-hour chart’s Momentum oscillator also supports this notion. Going long with tight stops might be the right choice today.

GBP/USD

The typical range trading on the hourly chart continues. Both the hourly RSI and Slow Stochastic are floating in neutral territory. However, there is a fresh bearish cross forming on the 4 chart’s Slow Stochastic indicating a bearish correction might take place in the nearest future. In that case traders are advised to swing in after the breach takes place.

USD/JPY

The pair has finally ceased range-trading and has recently moved downward; however, the price currently floats in the over-sold territory on the hourly and 4-hour chart’s RSI, signaling an upward correction may be imminent. Going long with tight stops might be the right choice today.

USD/CHF

The bearish momentum the pair has shown since the breach of the channel on the daily chart continues. The 4-hour chart’s Slow Stochastic is showing the continuation of the trend, and the hourly studies also confirm the bearish notion. Going short might be the right choice today.

The Wild Card – Silver

It seems that the bullish momentum is still relevant, and that Silver is heading up with plenty of room to run. The Bullish correction which took place 4 days ago seems to have larger potential as all oscillators on the daily and the hourly charts are showing a continues upward momentum. forex traders have a great opportunity to join the bullish move at a very early stage and with a great entry price.
Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

By GCI Fx Research

€

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3085 level and was supported around the US$ 1.2980 level.  The common currency gave back earlier gains after the release of U.S. economic data that saw weekly initial jobless claims climb 27,000 to 613,000 while continuing jobless claims were up 93,000 to 6.137 million, the highest level on record.  Some economists remain cautiously optimistic about the prospects for the U.S. economy despite the mixed economic data.  Other data released in the U.S. today saw March existing home sales fell 3.0% to an annualized 4.57 million units and February’s tally was downwardly revised.  In eurozone news, EMU-16 February industrial new orders notched their largest annual decline on record, off 34.5% y/y and 0.6% m/m.  These data evidence the acute recession in the eurozone and breakdown in global trade.  Other data saw the February current account deficit narrow to -€8.1 billion from a revised -€12.3 billion in January.  Other data saw EMU-16 April manufacturing improve to 36.7 from 33.9 and Germany’s PMI established a five-month high and French PMI also improved in both the manufacturing and services sectors.  Euro bids are cited around the US$ 1.2765 level.
¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥98.45 level and was supported around the ¥97.60 level.  Traders reduced their risk aversion overnight and reestablished some positions in higher yielding currencies, causing the yen to soften.  There is widespread speculation the Japanese government will downgrade its economic forecast to negative growth for the fiscal year that started this month.  Japanese exporters have been unable to export Japan out of the current economic crisis.  Bank of Japan is expected to continue its quantitative easing policies.  The Nikkei 225 stock index climbed 1.37% to close at ¥8,847.01.  U.S. dollar offers are cited around the ¥104.15 level.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥128.75 level and was supported around the ¥126.80 level.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥143.45 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥85.15 level.  The Chinese yuan appreciated vis-à-vis the U.S. dollar today as the greenback closed at CNY 6.8233 in the over-the-counter market, down from CNY 6.8264.

₤

The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.4595 level and was supported around the $1.4440 level.  Data released in the U.K. today saw the CBI industrial trends survey improve marginally to -57 from -58.  Sterling regained some of yesterday’s sizable sell-off following a bleaker than expected Budget statement that called for as much as ₤220 billion in new gilts issuance.  Cable bids are cited around the US$ 1.4350 level.  The euro came off vis-à-vis the British pound as the single currency tested bids around the ₤0.8925 level and was capped around the ₤0.9000 figure.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.1545 level and was capped around the CHF 1.1675 level.  Data released in Switzerland today saw the March trade surplus decrease to CHF 120 million while the April ZEW improved markedly to -27.7 from -57.1 in March.  U.S. dollar bids are cited around the CHF 1.1355 level.  The euro came off vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.5080 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.7005 level.

Daily Market Commentary provided by GCI Financial Ltd.

GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.

DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

U.S. Existing Homes sales decreased more than expected in the month of March according to the monthly report produced by the National Association of Realtors. The NAR report showed that existing-home sales including single family homes, co-ops and townhouses decreased 3.0 percent in March to a seasonally adjusted annual rate of 4.57 million units. March’s dip in sales followed the revised decrease of 4.9 percent in existing-home sales in February.  The March sales data surpassed economic forecasts that were expecting a decrease in sales by 1.5 percent for the month.

On an annual basis, March’s existing-homes sales are 7.1 percent below the March 2008 sales level. The median sales price for existing homes in March registered at $175,200, a decline of 12.4 percent from March 2008. Total houses left on the market showed a decrease for the month by 1.6 percent to a total of 3.74 million homes.

NAR chief economist Lawrence Yun commented on the real estate market in March, “The share of lower priced home sales has trended up, indicating a return of many first-time buyers, which we also see in a parallel member survey,” but that, “Sales in the upper price ranges remain stalled because of higher interest rates on jumbo loans.”

Data on new homes sales in the U.S. is scheduled to be released tommorow at 14:00 GMT by the U.S. Census Bureau.

U.S. Weekly Jobless Claims increased by 27,000.

U.S. new jobless claims increased by 27,000 people in the week ending April 18th to a seasonally adjusted total of 640,000 workers according to data released by the U.S. Labor Department. The prior week had registered a revised total of 613,000 new jobless claims. A four week moving average of new unemployment claims showed a decrease of 4,250 workers to a rate of 646,750 workers.

Workers receiving continuing unemployment benefits for the week ending April 11th increased by 93,000 workers to a total of 6,137,000, up from the week before which saw a revised total of 6,044,000. The four week moving average of continuing claims increased by 142,500 workers to a total of 5,944,000 workers.

Forex Market – US Dollar falling in forex trading today.

The U.S. dollar has been weaker so far today in forex trading against all the major currencies as the dollar has shown losses against the euro, Canadian dollar, Australian dollar, Swiss franc, New Zealand dollar and British pound while showing a slight gain against the Japanese yen.

The euro has gained versus the dollar today as the EUR/USD has advanced from today’s 1.2999 opening(00:00 GMT) to trading at approximately 1.3067 in the afternoon of the US trading session at 12:22pm EST according to currency data from Oanda.

The British pound has climbed higher today versus the American currency from the GBP/USD’s 1.4469 opening to trading later at 1.4642 dollars per pound. The dollar has advanced slightly against the Japanese yen today as the USD/JPY has gained from its 97.68 opening to trading at 97.82 yen per usd. The dollar has declined against the Canadian dollar after the USD/CAD opened at 1.2400 earlier today to trading later at 1.2276.

The USD has also decreased against the Swiss franc as the USD/CHF has gone from its 1.1648 opening to trading at the 1.1564 exchange rate. The Australian dollar has gained ground versus the dollar as the AUD/USD has advanced from 0.7045 to 0.7109 while the New Zealand dollar has advanced from 0.5553 usd per nzd to trading at 0.5569 later today.

GBP/USD Chart -The British Pound Sterling increasing versus the US Dollar today in Forex Trading.

Canadian Retail Sales edged up in February according to the monthly report released by Statistics Canada today.  Retails sales increased by 0.2 percent to C$33.7 billion in February after increasing by 1.8 percent in January.  Retail sales had made significant declines at the end of 2008 with a fall of 2.7 percent in November and a 5.0 percent decline in December. Today’s sales data surpassed market forecasts that were expecting sales to decrease by 0.3 percent for the month.

Core retail sales, excluding automobile sales, rose by 0.6 percent in February following a revised gain of 1.4 percent in January. The rise in core sales also surpassed economic forecasts expecting a 0.2 percent increase in February.

Contributing to the gain in the retail sales numbers was an increase in building & outdoor home supplies stores by 3.0 percent. Sales at gasoline stations increased for the second straight month in February by 1.7 percent. Sales in pharmacies & personal care stores and food & beverages stores increased for the month with gains of 0.3 percent and 0.7 percent, respectively.

Negative contributors to the retail sales data were sales at furniture, home furnishings & electronic stores which fell by 1.9 percent and automotive sales which decreased by 0.3 percent.