Thu, Jun 4 2009, 16:58 GMT
http://www.fxstreet.com
Fxstreet.com (Barcelona) - US Stocks have recovered its initial losses and it is posting gains for a fifth time in six days. Wall Street has been searching for direction during today's session on debate on where the economic recovery is and when it will finally arrive. USD is recovering slightly against is major rivals.Stocks are rising on energy, oil and banks advances. Dow Jones is gaining 0.40% so far today, S&P 500 rises 0.55% and Nasdaq is posting 0.60% increases in its index today.The Cable's declines in the American session is continuing in the last minutes with the GBP/USD falling to test the 1.6100 level after falling 1.15% so far today from opening price. In the last hour, the pair has fallen around 55 pips from 1.6250 to tests intra-day low at 1.6190.
USD/JPY has found support at 96.15 level, coming from its 70 pips decline from 96.87 intra-week high, and the pair has begun to rise to test the 96.50 level. Currently the pair is rising 0.55% so far today from opening price action to the current 95.45/55.EUR/USD has fallen to 1.4155 after rejecting from 1.4525, currently the pair is trading around 1.4160/70, 0.20% above today's opening price.Valeria Bednarik, FXstreet.com collaborator, affirms: "Despite not so encouraging data in the U.S. with weekly unemployment claims at 621K and some productivity revised to the downside report, Wall Street struggles higher, sending dollar back down. Oil and gold are also regaining ground, supporting greenback fall. Trend remains strong, however, trading will remain cautions, ahead of tomorrow U.S. Non Farm Payrolls. Expect volume to decrease and tinny movements as long as the rest of the day goes by."
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