GBPJPY & EURJPY
The two previous market analysis has viewed FX prices widened considerably with the GBPUSD and the Japanese Yen both gaining against the USD.
With mixed reports from the Fed QE3 and the more negative GDP numbers last week where the USDx closed lower at a vulnerable support price of 78.80. The USD thus far has continued to weaken without any real signs of a recovery unless proven otherwise with a surprising end month closing and opening for the month of May.
Although, currently due to the month end trading activity the USD has found some relief rally and position adjustments after Friday's GDP bearish report. Prompting today's recovery are some bids for safer-haven trades as dampened risk-appetite, mainly due to Spain in recession. And a mixed report from the U.S, personal spending dropped from 0.9% in February to 0.3% in March, while personal income ticked 0.1 percent higher from 0.3% in February, on the other hand, Chicago purchasing managers index dropped sharply to a 56.2 from 62.2 in February.
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