Forex | Forex | U.S. markets resume rally on good earnings reports; Pound picks up, Yen lower (30/07/2009 14:34:00)

U.S. markets resume rally on good earnings reports; Pound picks up, Yen lower

FXstreet.com (Barcelona) - U.S. markets have resumed uptrend, opening obn a strong pace after two days of losses, as investors confidence strengthened on the back of a string of positive quarterly earnings reports. Euro and Pound are attempting to break intra-day resistances to extend recovery.

Dow Jones Index is going through gains by 1.67% while the Nasdaq Index adds 1.86% and the S&P Index trades 1.95% above its opening level.

Motorola shares soared 15% after the company reported a lower than expected second-quarter loss, while Newell Rubbermaid jumped 6% on better than expected earnings. General Electric shares jumped 7% on favourable reports by Goldman and Sachs' analysts.

Pound picks up and Yen eases on risk appetite

GBP/USD bounce at 1.6350 has extended to levels right below 1.6525 resistance area which has not given way so far, despite having been tested several times, and the Pound trades now around 1.6505 after its latest pulldown found support at 1.6450.

USD/JPY broke intra-week high at 95.35 ahead of the Wall Street opening and rally from 94.00 low yesterday has extended to the highest level in three weeks hitting 95.70 resistance level (Jul 2 low).

EUR/USD pulled down to 1.4010 after having tested resistance area at 1.4095/00, and the pair advances at the moment at levels rifht above 1.4050.
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