Wall Street finished in the green with record highs on Wednesday, galvanized by robust US economic data and continued optimism that president Trump will cut corporate taxes. The Dow Jones rose by 0.52% and the NASDAQ added 0.64% to its value. The US dollar traded lower against the other major currencies, but remained broadly supported by a string of upbeat US data and by comments by Federal Reserve chair Janet Yellen suggesting a near term rate hike. Today, the Building Permits and the Unemployment Claims are expected at 1.23 million and 243K respectively. Gold rose by 0.13%, closing at $1,234 an ounce. The Crude Oil fell by 0.30%, closing at $53.04 a barrel.
The euro rose by 0.25% versus the dollar, closing at 1.0603. On the daily chart, the pair is trading below the 20-day Moving Average with the RSI indicator below 50. Maintaining these conditions may lead the pair to a drop towards 1.05. However, breaching above this level could cause a retracement and a rise towards 1.0750 can be expected. Today, the ECB monetary policy meeting is expected. The pound fell by 0.09% versus the dollar, closing at 1.2459. On the 4-hour chart, the pair is trading near the middle band of the Bollinger Bands with the Momentum below 0. Breaching the middle band may lead the pair towards 1.2550, while failing to do so may keep the momentum and push the pair down towards the lower band at 1.2420.
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