Markets are on its way to recoup yesterday's losses as traders are charged back with more optimism about a probably available painkiller for Europe's debt crisis while U.S. traders saw a surprisingly good start for the earnings season - kicked off by Alcoa Inc yesterday, and now anticipate the Federal Reserve's latest survey on economic conditions across 12 Federal districts.
The dollar was sold good today in favor for higher-yielding currencies, falling against most of its traded peers accordingly and driving the USDIX which tracks the performance of the greenback against a basket of currencies including the yen, the pound and the Japanese yen, down to 79.72 from 79.83 after recording a high of 79.90 and a low of 79.52.
Gold spot prices were little changed around $1658.90 an ounce this afternoon from $1659.67. Oil futures for May 12 delivery rebounded from the lowest since Feb 14 and currently trade around steadied down around $102.86 after hitting a $102.92 fresh high from $100.87. The U.S. EIA today reported that crude oil inventories in the U.S. rose by 2.8 million barrels from the prior week.
The 17-nation common currency appreciated to $1.3112 against the U.S. dollar after posting a daily high of $1.3156 as Spain's bond rose after a board member of the European Central Bank said it won't rule out debt purchasing to curb borrowing costs. The EUR/USD started the day at $1.3081 and printed a low of $1.3064.
The pound traded around $1.5910 against the greenback after recording a $1.5937 fresh seven-day high following a report that showed retail sales ticked up in March, which according gave a boost to the U.K. currency . The GBP/USD pair started the day at $1.5862 and hit a daily low $1.5849.
The greenback picked up to 81.01 yen against its Japanese counterpart after hitting an 81.12 yen daily high amid emerging speculation the Bank of Japan will intervene later this month to weaken the Japanese currency. The USD/JPY pair started the day at 80.67 yen then recorded an 80.56 daily low.