UFXBank Daily News: Yen Extends Gains vs USD

Posted by admin on February 28, 2011 under forex market | Be the First to Comment

USD Dollar (USD) – The Dollar traded mixed against most of the other major currencies as the Prelim GDP came out at 2.8%, worse than the expected 3.3% and The Michigan Consumer Sentiment Index came out at 77.5, better than the expected 75.1. The Stock Markets in the U.S closed positive as the Dow Jones jumped by 0.51% and the NASDAQ gained 1.58%. Crude Oil appreciated by 0.7% and closed at $98.20 a barrel. Gold (XAU) rose as well, and closed at $1410 an ounce. Today, the Chicago PMI is expected at 67.9 vs. 68.8 previously and Pending Home Sales are expected at -2.2% vs. 2% previously.

Euro (EUR) – The Euro fell in Forex trading against the Greenback after it touched highest level since the beginning of the month. The German Prelim CPI came out as expected, unchanged at 0.5%. Holding below the key resistance level of 1.3840, turns the momentum of the pair to negative once again. Overall, EUR/USD traded with a low of 1.3714 and with a high of 1.3837. Today, the CPI is expected unchanged at 2.4%.

EUR/USD – Last: 1.3746

Resistance	1.3765	1.3835
Support	1.3710	1.3650	1.3710

British Pound (GBP) – The Pound fell against the Dollar after the GDP came out at -0.6%, worse than the expected 0.5%. Holding below the resistance level of 1.6180 keeps the momentum negative for the pair. Overall, GBP/USD traded with a low of 1.6030 and with a high of 1.6160. No economic data is expected today.

GBP/USD – Last: 1.6090

Resistance	1.6100	1.6180	1.6260
Support	1.6040	1.5980

Japanese Yen (JPY) – The Yen rose against the dollar as conflicts in Libya surged oil prices to a record high, boosting demand for the yen as a refuge. Breaking the support level of 81.60 might extend a decline in the pair. Overall, USD/JPY traded with a low of 81.61 and with a high of 82.05. Today, Household Spending is expected at -1.3% vs. -3.3% previously.

USD/JPY-Last: 81.67

Resistance	82.10	82.55	82.85
Support	81.60

Canadian dollar (CAD) – The Canadian Dollar rose against the US Dollar posting a record high since 2008 as Crude Oil surged on Libya’s effect. Breaking the support level of 0.9770 might extend the decline in the pair. Overall, USD/CAD traded with a low of 0.9770 and with a high of 0.9830. Today, the GDP is expected at 0.3% vs. 0.4% previously. The Current Account is expected at -9.4B vs. -17.5B previously.

USD/CAD – Last: 0.9781