Forex Updates- the USD declined in the Broad Market

On Friday, overall, although durable goods orders and new home sales coming in greater than had been expected, the USD declined in the board market as US equities posted strong gains on the last day of the week in response to higher than expected earnings. Traders’ appetite for risk continue to rise, as stocks continue to increase, hurting the USD because demand for safer assets turndown. According to Forex updates the USD end the day weaker against all the major currencies, excluding the Pound, which lost ground after it was reported the UK economy contracted much more than predicted in the first quarter of 2009. US goods orders fell down by 0.8% while the core number fell down by 0.6%.

The Euro (EUR/USD) the Euro capped a strong week by gaining another 100pips on Friday and ends the week with 200 pips higher. The German business climate came in a strong position than expected this morning. The pair gets stronger during this morning’s European session with S&P futures moving better and broke above the 20 and 100 day simple moving averages, which held as hold up after the move. The pair closed the day testing the 1.3250 level.

The Cad (USD/CAD) the USD declined against its Canadian counterpart on Friday helped by increasing equity markets and crude oil gaining almost $2 a barrel and closing above the $50 level. The pair lost 120pips on the day, adding to Thursday’s 170 pip loss.