By ForexYard – The Euro pushed higher in the morning hours of the European trading session as the EUR/USD tests the 1.1990 resistance level. This follows the release of better than expected Japanese industrial data. The dollar was lower prior to testimony by Federal Reserve Chairman Ben Bernanke’s this afternoon.
The EUR/USD was higher at 1.1980 after opening the day at 1.1953. The Cable was higher at 1.4500 from an opening day price of 1.4427, while the USD/JPY was unchanged.
Traders are expecting to hear positive remarks regarding the recovery of the U.S. economy in the Fed Chief’s testimony before Congress. The Fed’s Beige Book is due to be released today. Strong numbers could help to boost risk sentiment in the face of the European fiscal troubles. This would help higher yielding currencies such as the euro and the Aussie dollar.
Earlier today the mood in the market was set by better than expected economic data as Japanese core machine orders surprised traders with an output of 4.0% on expectations of a rise of only 1.2%.
Spot gold has fallen today following yesterday’s new record high price of $1251.76. The price of spot gold is down at $1235.
Spot crude oil is trading higher at $72.45 prior to the release of the weekly crude oil inventory report at 14:30 GMT today. The next resistance level for the commodity rests at $75.45.
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