The currency markets are still trending strongly and this is expected to continue more. The significant trends would be halted only when the prices approach major resistance and support levels.

EURUSD: This is a weak market and the bearish trend is highly vivid. The indicators on the 4-hour chart confirm this Bearish Trend Pattern. Even if there is any bullish retracement, it would be a nice opportunity for sellers to sell dearer. Short trades are still preferred here, and the price could reach the support line at 1.2800.

The German economy, Europe's biggest, returned to very modest growth in Q1 and avoided a recession. The economy grew by a slight 0.1% in the January-March quarter compared with the previous three-month period. That followed a 0.7% decline in last year's Q4, a figure that was revised downward from the initial reading of 0.6%. The German economy is in better shape than many others in the 17-nation euro area. Recent economic indicators have shown a mixed picture but industrial orders and production data have been robust.

This morning, the leading financial stocks are rallying sharply higher to start the trading session. Earlier today, hedge fund manager David Tepper appeared as a guest on CNBC. He said that Citigroup  Inc (NYSE:C) is his largest holding. Today, leading financial stock Citigroup is trading higher by $1.00 to $42.92 a share. Mr. Tepper did say that he owned a little J.P. Morgan Chase & Co (NYSE:JPM). When asked if Jamie Dimon should be the chairman and CEO of J.P. Morgan Chase & Co he said that he favored a split in the job rolls. Today, JPM stock is still trading higher by 0.58 cents to $50.25 a share despite the comments made by David Tepper.  Last week, Jamie Dimon said he may consider leaving the bank if shareholders vote to split his duties. 

After a slow start in financial markets this week a couple of themes are emerging: the yen is rebounding and the euro is getting hit from comments coming out of  the Eurozone finance ministers meeting in Brussels.

Gold futures prices rose 0.25% to Rs 27,141 per 10 gm as speculators enlarged their positions on the back of a firm global trend. Gold for delivery in far-month August rose Rs 62 or 0.25% to Rs 27,141 per 10 grams with a business turnover of 174 lots. In a similar fashion, the metal for delivery in June moved up by Rs 60 or 0.24 per cent to Rs 26,914 per 10 grams with a trade volume of 792 lots.

Many traders and investors do not realize how important the Singapore stock markets are these days. Lately, the Nikkei 225 Index (Japan) has been dominating the headlines as that index makes new 52 week highs on a daily basis. The Shanghai Index (China) also receives a lot of attention by investors as China has become a manufacturing powerhouse over the past 10 years. What most people do not realize is that the Singapore markets are also extremely important and should be followed.