UFXMarkets *Daily Forex Currency Trading News* 12-April-2012

Stock markets closed positive as the Beige
Book showed moderate economic growth. The Dow Jones rose by 0.70%, the NASDAQ by 0.48%
and the S&P500 by 0.74%. The US Dollar fell versus the higher yielding currencies following
the Beige Book release and the stock market rose after being in decline for 5 days. Gold
(XAU) closed unchanged at $1,659 , and Crude oil reached $103 a barrel, only to drop to
$102.50. The Euro rose against other major currencies
after successful Italian and German Bond auctions. The EUR/USD is at 1.3000 and resistance is
at 1.3400 according to the daily chart. As long as the pair trades in this channel, the
trend will continue to remain unclear. After breaking the resistance level at 1.5900,
the GBP/USD is expected to continue its bullish trend towards 1.6000. If the pair breaches
1.6100 we can expect to see the cable at 1.6200 until the end of the week. Today, the Trade
Balance is expected to at -7.7B vs. -7.5B previously. Finally, the AUD strengthened against its
major counterpart after Employment Change came out 44K much better than expected at
6.4K and the Unemployment rate fell to 5.20% from 5.30% . As long as the pair trades below
1.0450 the bearish trend will continue.

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