Posted by admin on June 30, 2011 under forex market | 
USD Dollar (USD) – The Dollar weakened against most of the major currencies as Greece’s parliament approved a five year austerity plan designed to avert the eurozone’s first sovereign debt default. In addition, Pending Home Sales came out better than expected at 8.2% vs. 2.4% forecast. Wall Street closed positive as the NASDAQ advanced by 0.41% and the Dow Jones by 0.60%. Crude oil jumped by 2.0% due to a decline in the Crude Oil Inventories index which came out at -4.4M vs. -1.5M forecast and in the end, closed at $94.77 a barrel. Gold (XAU) advanced by 0.7% and closed at $1510.40 an ounce. Today, Unemployment Claims are expected to weaken from 429K to 420K.
Euro (EUR) – The Euro reached a two-week high in forex trading against the Dollar after Greek lawmakers approved a package of austerity measures ($112 billion) amid protests and a 48-hour strike. Moreover, investors raised bets that the European Central Bank will increase interest rates next week after the passage of austerity measures by Greek lawmakers which gave the Euro positive direction. The EUR/USD’s resistance level is located at 1.4530 on the daily chart, and the Euro will likely strengthen further to 1.4600. Overall, EUR/USD traded with a low of 1.4327 and a high of 1.4448. Today the Greek Government will have another vote on the debt crisis where ECB President Trichet will speak. German Retail Sales are expected to rise from 0.30% to 0.70% and the CPI Flash Estimate is expected to come out at 2.80% vs. 2.70% prior.
EUR/USD – Last: 1.4503
| Resistance |
1.4515 |
|
|
| Support |
1.4445 |
1.4325 |
1.4235 |
British Pound (GBP) – The Pound rose versus the Dollar as Greek’s austerity plan boosted investor appetite for higher yielding assets. As long as the GBP/USD is trading below 1.6120 and below the 20 moving average, the pound’s momentum is still very bearish on the daily chart. On the other hand, if the pair crosses 1.6120 levels, the pound will probably hit 1.6200 and even more. Overall, GBP/USD traded with a low of 1.5970 and with a high of 1.6074. Today, the Nationwide HPI is expected to be 0.10% vs. 0.30% previously.
GBP/USD – Last: 1.6105
| Resistance |
1.6149 |
1.6263 |
|
| Support |
1.6046 |
1.5970 |
1.5911 |
Japanese Yen (JPY) –The Yen strengthened against the Dollar as the weak Dollar was further reduced by headlines regarding Greece, which caused the other major currencies to be stronger, carried the Yen along with them. The USD/JPY has been struggling with 80.50-81.20 levels during the past three days, only if the pair breaks above 81.20 levels will the US Dollar will be bullish again. On the other hand, if the pair moves below the 80.40 level, the yen will be more attractive. Overall, USD/JPY traded with a low of 80.56 and with a high of 81.18. No economic data is expected today.
USD/JPY-Last: 80.43
| Resistance |
80.60 |
80.90 |
81.20 |
| Support |
80.25 |
80.10 |
80.00 |
Canadian dollar (CAD) – The Canadian Dollar climbed the most since December versus the Dollar after consumer prices rose more than forecast, prompting traders to ratchet up bets that the central bank will resume raising interest rates. The CPI came out at 0.7% vs. 0.2% forecast and the Core CPI came out at 0.5% vs. 0.2% forecast. As long as the pair is trading below 0.9800 levels, the US Dollar is on a negative trend, and the next support level on the daily chart is located at 0.9650. Overall, USD/CAD traded with a low of 0.9687 and with a high of 0.9825. Today, the GDP is expected to turn negative from 0.30% to -0.10%.
USD/CAD – Last: 0.9680
| Resistance |
0.9750 |
0.9820 |
0.9880 |
| Support |
0.9670 |
|
|
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Posted by admin on June 29, 2011 under forex market |
USD Dollar (USD) – The dollar declined in forex trading against most of the major currencies for the second day in a row amid demand for higher-yielding assets. In addition, high optimism that European nations will take action to prevent a Greek default didn’t provide investors a good reason to buy the US Dollar. There is high concern that sometime in the first half of August there will be a lack of funding available for the Departments of Veterans Affairs, Education, and Housing and Urban Development. In addition, there could also be a lack of funding for unemployment insurance and Internal Revenue Service refunds, which combined pose the next great risk for the strength of the US economy. The Stock Markets closed positive as the Dow Jones rose by 1.21% and the NASDAQ gained 1.53%. Crude oil strengthened by 2.08% and closed at $93.00 a barrel on news that Greek creditors may be able to reach an agreement that will prevent a default. In addition, U.S. crude inventories likely fell 1.5M barrels. Gold (XAU) strengthened by 0.10% and closed at $1,501 an ounce, as a weaker dollar spurred demand for the metal as an alternative investment. Today, Pending Home Sales m/m are expected to rise by 2.4% vs. -11.60% previously and FOMC Member, Raskin is expected to Speak.
Euro (EUR) – The euro strengthened against the U.S Dollar for the second day on speculation that Greece’s parliament will approve an austerity package needed to ensure more financial aid. Greek lawmakers will vote today on the austerity package and vote later on a measure to implement it. Trading above the support level of 1.4300 will keep the momentum bullish for the pair, but if the pair breaks below this support level, it might reach 1.4100 again. Overall, EUR/USD traded with a low of 1.4115 and with a high of 1.4441. Today, the Greek Government will vote on how to handle the debt crisis.
EUR/USD – Last: 1.4350
| Resistance |
1.4380 |
1.4400 |
1.4480 |
| Support |
1.4300 |
1.4250 |
1.4200 |
British Pound (GBP) – The Pound strengthened against the Greenback due to an all around weaker dollar, despite high concerns over the U.K. economic outlook. In addition, the currency stayed lower after a government report showed Britain’s current-account gap narrowed less than economists estimated. The trend for the pair remains bearish if the pair is able to maintain its resistance level of 1.6020. Overall, GBP/USD traded with a low of 1.5912 and with a high of 1.6262. Today, Net Lending to Individuals m/m is expected to rise by 1.2B as it was previously.
GBP/USD – Last: 1.5990
| Resistance |
1.6020 |
1.6050 |
1.6150 |
| Support |
1.5960 |
1.5890 |
1.5700 |
Japanese Yen (JPY) – The dollar strengthened against the Yen as U.S. Treasury yields jumped. If the pair succeeds to break its resistance of 81.20, it may bring the pair to 82.50, the next resistance level. Today, no economic data is expected.
USD/JPY-Last: 81.05
| Resistance |
81.20 |
81.80 |
82.50 |
| Support |
81.00 |
80.80 |
80.20 |
Canadian dollar (CAD) – The Canadian Dollar strengthened against its U.S. counterpart for the second day, after global stocks and raw material (including crude oil) rose on speculation that Greece will adopt an austerity package to avoid default. The trend seems to be bearish and the pair may test its support of 0.9820. Today, the Core CPI m/m is expected to grow by 0.20% as it did before.
USD/CAD – Last: 0.9810
| Resistance |
0.9860 |
0.9900 |
1.0050 |
| Support |
0.9800 |
0.9770 |
0.9670 |
Posted by admin on June 28, 2011 under forex market |
USD Dollar (USD) – The dollar declined in forex trading against most of the major currencies on speculation that Greece’s lawmakers will approve austerity measures. In addition, consumer spending unexpectedly stagnated in May as employment prospects dimmed and rising inflation caused Americans to cut back. The situation of persistent high unemployment, a weak housing market, high fuel prices and inflation, have all put pressure on consumers. The Stock Markets closed positive, breaking a three-day losing streak, as the Dow Jones rose by 0.91% and the NASDAQ gained 1.33%. Crude oil strengthened by 0.70%, closing at $91.20 a barrel, on news that Greek creditors may be able to reach an agreement that will prevent a default. Gold (XAU) fell by 0.10% and closed at $1,499 an ounce after reaching $1490 earlier today. Gold has declined over the last few days after capping the biggest weekly drop in seven weeks, as weaker oil prices and a pledge by European Union leaders to avert a Greek default, slashed the metal’s appeal as a safe haven. Today, CB Consumer Confidence is expected to show 60.80 as it was previously, and FOMC Member Fisher is expected to Speak.
Euro (EUR) – The euro strengthened against the U.S Dollar after three days of falling amid optimism Greece’s parliament will approve austerity measures to help avert the currency bloc’s first default later on this week. Greek Prime Minister, Papandreou called today on lawmakers to obey their “patriotic conscience” and back tougher austerity measures, as they began to debate a five-year budget plan that will determine whether the cash-strapped nation can avoid default. Trading above the support level of 1.4250 will keep the momentum bullish for the pair, but if the pair breaks below this support level, it might reach 1.4100 once again. Overall, EUR/USD traded with a low of 1.4115 and with a high of 1.4441. Today, ECB President Trichet is expected to speak.
EUR/USD – Last: 1.4300
| Resistance |
1.4350 |
1.4400 |
1.4480 |
| Support |
1.4250 |
1.4200 |
1.4100 |
British Pound (GBP) – The Pound strengthened against the Greenback after it didn’t succeed to break its strong support level of 1.5900, despite U.K. House Prices falling for a second month in June as growth in the supply of properties for sale outpaced demand. This data provides us a reminder that U.K. data is systematically disappointing at the moment. The trend for the pair remains bearish if the pair is able to maintain its resistance level of 1.6020. Overall, GBP/USD traded with a low of 1.5912 and with a high of 1.6262. Today, the Current Account is expected to fall by -5.0B vs. -10.5B previously, Final GDP q/q is expected to grow by 0.50% as it had previously, and the Inflation Report Hearings are expected to be released.
GBP/USD – Last: 1.5980
| Resistance |
1.6020 |
1.6050 |
1.6150 |
| Support |
1.5960 |
1.5890 |
1.5700 |
Japanese Yen (JPY) – The dollar traded unchanged against the yen after the pair didn’t succeed to break it resistance level of 81.00. If the pair succeeds in breaking its resistance of 80.80, it may bring the pair to 81.20, its next resistance level. Today, no economic data is expected.
USD/JPY-Last: 80.75
| Resistance |
81.00 |
81.20 |
81.80 |
| Support |
80.20 |
80.00 |
79.60 |
Canadian dollar (CAD) – The Canadian Dollar fell against its U.S. counterpart after touching the lowest level in more than three months, as U.S. stocks climbed and losses in commodities, such as crude oil, were tempered. The trend seems to be bearish and the pair may test its support of 0.9820. Today, no economic data is expected.
USD/CAD – Last: 0.9850
| Resistance |
0.9860 |
0.9900 |
1.0050 |
| Support |
0.9800 |
0.9770 |
0.9670 |
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