Wall Street finished in thr red on Friday despite the release of bullish economic data and an update from president Trump on his tax reform plan. The Dow Jones fell by 0.15% and the NASDAQ lost 0.11% from its value. The US dollar traded higher against the other major currencies on Friday, buoyed up by the release of bullish housing data, with the Existing Home Sales coming out higher than expected at 5.71 million vs. 5.61 million forecast. No major economic data is expected today. Gold rose, closing at $1,284 an ounce. Crude Oil fell, closing at $49.54 a barrel.
The euro rose versus the dollar as investors prepared for the first round of a tight French presidential election race. On the daily chart, the EUR/USD pair is trading in a channel between the resistance at 1.0950 and the support at 1.06. Crossing above the resistance should start a positive trend, rising towards 1.10, while breaking below the support level may lead to a return towards 1.05. The pound traded higher against the dollar, closing at 1.2807, despite the data showing that UK retail sales posed thei largest quarterly fall since 2010. On the daily chart, the pair is holding below the resistance level at 1.2850. Maintaining this condition, we can expect a fall towards 1.2720. With a positive ADX indicator above 20, there is also the possibility of the pair breaching the resistance and rising towards 1.2950.
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