UFX Bank Daily News: Euro Rose, Moved in Range of 100 Pips

Posted by admin on July 26, 2011 under forex market | Be the First to Comment

USD Dollar (USD) –In forex trading, the dollar strengthened yesterday against the major currencies as the U.S government finished another day without an agreement on the debt ceiling. President Barack Obama has one more week to find a solution for the debt and we might see the dollar rising over the next few days as the investors concerns increase. The Stock Markets in the U.S. closed negative as the Dow Jones fell by 0.70% and the NASDAQ fell by 0.56%. Crude oil fell by 0.7% and closed at $99.20 a barrel. Gold (XAU) fell from its new record and closed at $1612.20 an ounce. Today, the CB Consumer Confidence is expected at 56.00 vs. 58.50 previously and New Home Sales are expected at 320k vs. 319k previously.

Euro (EUR) – The Euro rose against the U.S Dollar after it moved in a range of 100 pips between 1.4320 and 1.4420 yesterday. With the opening of the Asian markets, the Euro rose to 1.4470, breaking the resistance at 1.4440. As long as the rate is above 1.4440, the momentum of the pair is bullish towards 1.4700 zones. Overall, the EUR/USD traded with a low of 1.4324 and with a high of 1.4477. Today, no major economic data is expected.

EUR/USD – Last: 1.4471

Resistance	1.4500	1.4600	1.4700
Support	1.4440	1.4370	1.4260

British Pound (GBP) – The Pound fell against the greenback yesterday over concern regarding the U.S debt ceiling, but strengthened with the opening of the Asian markets. Further appreciation in the pair is possible if the resistance level of 1.6370 is breached, otherwise we might see some technical adjustment downwards towards 1.6280 zones. Overall, the GBP/USD traded with a low of 1.6261 and with a high of 1.6323. Today, the GDP is expected at 0.20% vs. 0.50% previously.

GBP/USD – Last: 1.6337

Resistance	1.6375	1.6400
Support	1.6276	1.6200	1.6120

Japanese Yen (JPY) – The dollar fell against the yen to the lowest level since March 17 as U.S. President Barack Obama addressed the nation on the economy. Trading below the resistance level of 78.60 keeps the trend negative for the pair. Overall, the USD/JPY traded with a low of 77.87 and with a high of 78.68. No economic data is expected today.

USD/JPY-Last: 78.11

Resistance	78.20	78.40	78.70
Support	77.95	77.50

Canadian dollar (CAD) – Canada’s dollar rose against the greenback as concern rose over the U.S debt ceiling issue. In addition, strong economic momentum in Canada also boosted the Loonie. The pair couldn’t break the support level of 0.9440 and rebounded to the 0.9500 area. Overall, the USD/CAD traded with a low of 0.9434 and with a high of 0.9524. Today, no major economic data is expected.

USD/CAD – Last: 0.9439