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The latest news that has came from the US housing data is raising more than as expected and reaches to the high of 672k, the highest annualized rate since 2008 October level. As the USD is going high this leads the Forex online market into the consolidate mode. The major Forex currency pairs are snugged but there is a high seen in the crude oil from 70 level to rise at 72 level and also the gold is touching the high level at 1210 points. Where as the US stocks opens in mild range in the morning and heading to reach at the strong level overnight.

UK’s inflation rate CPI jumped to the 3.7 percent as expected in April month and also it reaches at the highest in 17 month. RBA was considered in a pause state as the rate hikes in the May month and leads to the uncertainty in the euro zone area. The EU members discussed in the meeting about the disturbances seen in the Forex market is due to the sovereign debt rescue plan for the euro zone welfare. Australia market does not involve much in the direct impact of the Greece debt crisis. The Central bank of Australia has announced to give rise to the sixth time the policy interest rate. Aussie heads to a three month low after the pause rate hike in RBA.

The latest update of USD/JPY currency pair is that it reaches the level of 91.75 already. The currency is breaking of at the rate of 93.62 and then rising from the level of 88.25 after getting the resistance at 94.87 point. On the downside it can be said that if the level reaches below 90 then there will be a possibility of decline to 90.86 level. Market is trying to overcome from the financial trouble and hoping for some good results in coming days from the Forex market.

Manufacturing production in the U.S. accelerated in March as factories spearheaded the recovery from the recession. Output at factories rose 0.9% after a 0.2% gain in February that was revised from a previously estimated decline, Federal Reserve figures showed yesterday. Warmer weather caused utility use to drop by the most in four years, limiting the overall gain in industrial production to 0.1%, less than anticipated. Manufacturing activity in the New York region improved at its fastest pace since May 2004 this April, as the Empire State Manufacturing Index soared to 31.9 from 22.9 in March.  According to the New York Federal Reserve Bank, new orders and shipment indexes increased and the inventory index rose to a record high. Moreover, the index for the number of employees rose to its highest level in more than two years and the price index increased to its highest level since late 2008. The index is close to its recent high of 33.4 hit in October. Business conditions improved for the eighth straight month at manufacturing firms in the Philadelphia region, according to the monthly survey issued Thursday by the Federal Reserve Bank of Philadelphia. The Philly Fed index rose to 20.2 in April from 18.9 in March, slightly better than expectations of an increase to 20.0. Any reading over zero in the diffusion index indicates growth, with higher readings indicating more firms reporting better conditions.

The U.S Dollar moved little against the majority of its currency counterparts following the mixed results a worse than expected jobless claims but better than expected manufacturing results. In the forex online market the EUR/USD closed the day at 1.35757, down 0.58% from the day’s open; while the USD/JPY closed at 93.318, up 0.31% from the day’s opening price.

This afternoon, the U.S Census Bureau will release the number of Building Permits issued during March. While last month the number of building permits issued increased to 0.64M, this time around, the market predicts that they will slip back down to 0.63M. The complementary figure, Housing Starts, is expected to increase slightly to 0.60M, from last month 0.58M. Also out this afternoon, the University of Michigan’s Prelim Consumer Sentiment. After a few stable months, this survey of about 500 consumers is expected to increase to 74.7 points, the highest level since January 2008.

Across the Atlantic, Canada added 17,900 jobs in March, fewer than the 25,900 economists had predicted, as construction and natural resources companies hired while the service industry shrank. Statistics Canada reported last Friday that the unemployment rate remained unchanged at 8.2%, despite a predicted decrease of 0.1%.  While not as strong as expected, this smaller than predicted increase represents the third straight gain in Canada’s employment level, further adding evidence of a rebound in the early part of the year.

In the forex online market the Canadian dollar fell as low as C$1.0084, or 99.17 U.S. cents following the release of the report, before partially retracing its steps to close at C$1.00139. It was near parity with the U.S. dollar just before the data. While over the course the day, the Loonie fell 0.113% from its opening price of C$1.00252, the CAD managed to hold on to its prior week gains- closing the week up 0.567% from Monday’s opening price.

However, this weaker than expected employment data may grant the Bank of Canada some extra time as it ponders when to withdraw the extraordinary stimulus measures from the economy. The central bank has signaled that it won’t raise its benchmark interest rate from a record low level of 0.25% before July, unless inflation becomes a threat. With inflation already hovering near the bank’s 2% target and stronger than expected data pointing to a second straight quarter of 5% annualized growth, markets had begun to price in a chance of monetary tightening in June. But most analysts believe the central bank will keep its pledge to hold rates at least until the end of the second quarter.

Later today (1215GMT), the CMHC will release the number of Housing Starts for the month of March. The data is expected to report 201K new residential buildings that began construction during the previous month, up from 197K reported in February. Also out today (230GMT) is the Bank of Canada’s Business Outlook Survey – this report is highly respected given its source and timing in relation to interest rate decisions.

Tomorrow, both the US and Canada will simultaneously announce their trade balances. Last month, Canada reported a 0.8B surplus; however, the Canadian positive economic data was outshone by an unexpected decrease in the US trade deficit – which narrowed to 37.3B. This time around, the US expects its trade deficit to widen to 38.4B, which north of the border, Canada predicts that their trade surplus will remain consistent at 0.8B. This double hitter usual causes much volatility movement in the USD/CAD pair.

Down under in Australia, home-loan approvals fell in February for the fifth straight month following Governor Glenn Stevens continuous rate hikes along with the government decision cut grants top first time buyers. Waning demand for approvals adds to evidence that Governor Stevens’ decision to boost the benchmark interest rate five times in six meetings is cooling domestic demand. Just last week (April 6th), the RBA increased Australia’s overnight cash rate target by a quarter percentage point to 4.25%, adding to similar moves in March, December, November and October amid a rebound in consumer and business confidence, plus surging house prices. The Australian dollar traded at 93.41 U.S. cents as of 12:17 p.m. in Sydney from 93.45 cents just before the report was released.