Forex day trading room € The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3470 level and was capped around the $1.3585 level. The common currency failed to sustain early gains this week and was pushed lower on Friday after U.S. equities tumbled. The U.S. Securities and Exchange Commission filed fraud charges against Goldman Sachs for its involvement in the sub-prime mortgage crisis that rocked the financial world. Shares in Goldman Sachs finished the week down more than US$ 18 and today's news is likely to accelerate the Obama administration's calls for greater regulatory reform, particularly over derivatives. The U.S. financial sector was doing decently following some initial first quarter earnings reports from the likes of Bank of America and JPMorgan Chase. Kansas City Fed President Hoenig said the Fed should exit monetary policy as "delibertely as possible" and called on the Fed to "eventually" reduce its balance sheet below US$ 1 trillion. San Francisco Fed President Yellen warned the Fed has "stepped on the gas as much as it can." Data released in the U.S. today saw March housing starts gain 1.6% m/m and building permits climbed 7.5% m/m. Also, mid-April University of Michigan consumer sentiment fell back to 69.5 from the prior reding of 73.6. In eurozone news, traders are closely monitoring the situation involving the Icelandic volcano that erupted this week for the first time in nearly two centuries. The volcano has prompted the cancellation of a significant number of flights across Europe and is having a negative impact on cross-border business. Eurozone finance ministers are said to have ordered Greece to prepare to tap its credit facility with the European Union and the International Monetary Fund. European Central Bank member Stark said he is skeptical about IMF loans to Greece and str [...]
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