Forex news for US trading on April 28, 2016

US GDP came out at +0.5%, lower than the expectations of +0.7%. Personal consumption was better than expectations at +1.9% (vs +1.7%) but less than 4Q 2.4% gains. Business investment was weak. The Core PCE was higher at 2.1% vs 1.9% expectations and that helped the dollar (or prevented a huge sell off). The initial employment claims came in at 257K vs 260K estimate. The employment trends remain positive.

Overall today, the USD fell. In fact it was the weakest currency among the majors. Most of the fall was against the JPY - which was sharply lower on the back of the BOJ's more hawkish /less dovish policy stance. a lot of the decline in the USDJPY occurred in the late Asian Pacific session. However after a corrective move higher in the NY session - that saw the price move up to 108.72 (this happened to the be the initial low after the BOJ decision - so good hold at resistance there) - the pair did reach a new low before the close on the back of a declining US stock market. Carl Icahn surprised the market by announcing he had sold his "no brainer" Apple position which scared the stocks lower.

The EURUSD had an up and down day but is closing higher. The late day sell off in stocks seemed to have given the pair a boost. The pair is closing above support at the 1.1333-48 area.

The GBPUSD is another pair that moved higher in the day but the path was up and down. Like the EURUSD it is trading near the highs but there is a bunch of overhead resistance against the 1.4621, 1.4638 and then 1.4665 area. There are good technical reasons to be long. The technical resistance above may put a lid on it though (see video on the pair by clicking here).

The USDCAD was weaker on the back of stronger oil today. The pair did find support against a lower trend line toward the end of the day and bounced.

Crude oil futures closed higher in trading today (+1.13%). US debt markets saw the yields fall 2-3 basis points across the board. Gold rose by 1.69% and the CRB commodity index increased by 0.37%

After the close AMZN and LinkedIn announced stronger

Below is a look at the major currency pairs and the winners and losers. The JPY was the strongest against it's peers, while the USD was the weakest.