Bernanke Gets Japanese Support

Bernanke Gets Japanese Support

This week starts with the euro (EUR) keeping its upward trend following European Central Bank (ECB) President, Mario Draghi’s, press conference on Thursday. The single currency traded just below 1.34 on Monday morning whilst expecting higher European Industrial Production to be released later this morning, it is a key indicator of the euro’s strength. A negative outcome will certainly remove any recent support. The US dollar (USD) is expected to come under heavy trading tonight, when Fed Chairman Ben Bernanke speaks. His policy of damping bond yields was helped by heavy Japanese purchases of US Debt Instruments. Japan is expected to keep up with the same policy in the near future.

The FTSE (FTS) hovered above 6092 and it looks set to keep its bullish ride as long as 6000 remains its support.

Gold (XAU) continues to slide versus the dollar (USD) trading just below its daily moving average at 1666, Gold has seen a drop in demand lately as investors look into more risky asset purchases and higher returns.

The New Zealand Dollar (NZD) moved higher against the US dollar (USD) as its bullish rally continues, pushing 0.8394 and higher. It may try and surpass its recent resistance at 0.8460.

The Australian Dollar (AUD) continues its bullish trend moving above 94.00 against the Japanese Yen (JPY) as the Australian economy strengthens from higher exports.