Market Review for April 10

As we expected, the environment was fairly quiet with little corrective trends in the major pairs. As a result, EUR/USD ended the day near 1.3060 and GBP/USD — 1.5320 close.

In fact, EUR/USD initially tried to consolidate above 1.31, but did not linger. Significant economic events of the eurozone, we have not received, but exceeded the forecast industrial production in France and the positive outcome of the auction for Italian bonds have played a role in the growth of the pair. Opening occurred at 1.3080, after which prices were fixed to a maximum of 1.3121, but closed trading near 1.3060.

GBP/USD was stuck in a narrow 40-point range of 1.53 — 1.5340, closed the day at 1.5320 area.

USD/JPY again tried to get close to 100.00, and the attempt almost succeeded. From the opening level of 99.00 peaked 99.81, pulled back to the area to close 99.70.

Forecast for Thursday, April 11, 2013

Today, special attention should be paid to data on the U.S. labor market. The latest report on the levels of employment planted doubts about the stability of recovery of the U.S. economy. If the figures the number of requests for unemployment benefits rise, it will be another reason for the sell-USD. The higher the score, the higher the chances of breakdown 1.31 on EUR/USD with further targeting 1.3185.

GBP/USD was still restrained, but can win against a weak U.S. dollar. The immediate aim at 1.5360, after which prices will flock to the area of ​​1.54.

Breakthrough 100.00 pair USD/JPY is still not taken place, but every day nearer the mark. If weak U.S. data do not put them in the spokes in the wheel, we are waiting for breakdown with the further aim to 100.40 under the influence of triggered stops. Today, the Bank of Japan has scheduled a meeting on the topic last week presented an unprecedented easing, and to predict future market behavior.


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