The profit earnings of US banks and Wells-Fargo ended US equities to fall down yesterday and the Federal Beige Book highlighted the troubles existing in the commercial real estate market.

The data releases of different sectors of US given a moment to US officials to relax but still troubles are in air. The jobless claims initially it was expected to be 515 but it was 514 on 17 Oct and the expected leading indicators figure is 0.8% prior to 0.6%.

The Beige Book presented an offhand angle of the US financial position saying that commercial real estate is in trouble. It also presented a view of “little or no” price pressures.

Those US economic sectors that are started making their grip strong on the market are still require surmounting the weak banking activities and the hovering employment condition in US. Yes, off course manufacturing index showed good outcomes.

The US stocks were stroked by the low earnings of Wells Fargo that brought other big financial investors trading into question like Sun Trust, Legg Mason and PNC financial.
Overall, USD is still trading under pressure bt experts are hoping for the retracement in the USD trends today.

Forex comments on Currency pair trade-

EUR/USD- The pair traded down to a support level of 1.4965 with the initial benchmark target of support at 1.5040 and finally stopped at 1.49. Large volume of buyers move back as the trading spot pulls out 1.50 barriers.

The Interbank traders still buying at downturns and lending support to the traders involved in risks. The spot is likely to move higher at the closing of the market.

GBP/USD- The pair trade at 1.6640 and this break dropped to 1.6575 of support level and closed at 1.65.

These are the reports regarding the weakening banking activities and affect of this on Forex trading and USD spot at the market.

USD- USD trading was very slow in Asian session because of the RBA declaration made the AUD and EUR to reach the new heights.

The weak US stocks and the disappointing Housing start at 0.59m against 0.61m of advanced forecast. The USD hiked with the fall in equities but third quarter earnings were very strong so drops supposed to be short live.

In US stocks, DJIA stopped at -50 points closing at 10041, S&P with -6 points closed at 1091 and NASDAQ with -19 points closed at 2163.

When looking forward you will find that crude oil inventories is predicted to be at 0.9m as compared to 0.4m of previous data.

EUR- The pair falls short to reach the level of 1.5000 in Asian session and as the stock get darkened the pair fall down lower then 1.4900 and found firm support at this level.

The general forecast of German PPI dropped to -0.5% as compared to -0.1%. However, the pair of EUR/USD traded at a low of 1.4883 and at a high of 1.4995 and at last is closed at 1.4930.

JPY- The pair goes long against the USD and as most pairs hiked due to risk aversion and traded well. USD/JPY falls lower in Asian session after remarks from FinMin Fujii that the easy fiscal policy is responsible for weak USD. The USD/JPY traded at a low of 90.08 and at a high of 91.07 and finally closed at 90.70 in the New York session.

This is the Forex currency report giving information about the trading positions of different currency pairs in Asian and New York trading session.

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