Posted by admin on August 18, 2011 under forex market | 
US Dollar (USD) – In forex trading, the U.S. Dollar fell against most major currencies due to an increase in risk aversion. In addition, the US PPI rose 0.2% in July, following a -0.4% drop in June. Wholesale costs in the U.S. rose in July, more than was originally forecast. This was led by higher prices for tobacco, trucks and pharmaceuticals, showing that a further decline in commodity expenses has yet to filter to other goods. In the short term, President Barack Obama plans to ask Congress for billions of dollars in unmarked spending to reduce unemployment, while also proposing to take a bigger bite out of the nation’s long-term deficit due to the current U.S. unemployment rate (at 9.1 percent) and slowing economic growth. The Stock markets closed mixed after as the Dow Jones rose by 0.04% and the NASDAQ fell 0.47%. Crude oil rose by 0.45% and closed at $87.40 a barrel. Gold (XAU) strengthened by 0.10% and closed at $1,788 an ounce. The decline of the dollar is increasing demand for all things priced in the currency, such as oil and gold. Today, the Core CPI m/m is expected to grow by 0.20% vs. 0.30% previously. The Unemployment Claims are expected to rise by 402K vs. 395k previously. The Existing Home Sales are expected to grow by 4.91M vs. 4.77M previously and the Philly Federal Manufacturing Index is expected to improve by 4.0 vs. 3.2 previously.
Euro (EUR) – The Euro strengthened against the U.S. Dollar due to an increase in risk aversion. The participants remained hopeful that Merkel and Sarkozy will announce a common Eurozone bond in the near future and, for now, it provides tailwind for the Euro. Trading above the support level of 1.4380 will keep the momentum positive for the pair. Overall, the EUR/USD traded with a low of 1.4323 and with a high of 1.4516. No economic data is expected today.
EUR/USD – Last: 1.4400
| Resistance |
1.4420 |
1.4450 |
1.4520 |
| Support |
1.4380 |
1.4250 |
1.4160 |
British Pound (GBP) – The Pound strengthened a new 3 ½-month high against the greenback, despite the MPC Meeting Minutes, which showed that all members of the policy board voted to keep rates unchanged. The trend for the pair remains bullish if the pair maintains the support level of 1.6440. If that support level is broken, it could reach as high as 1.6150. Overall, the GBP/USD traded with a low of 1.6317 and with a high of 1.6591. Today, the Retail Sales are expected to grow by 0.30% vs. 0.70% previously.
GBP/USD – Last: 1.6520
| Resistance |
1.6550 |
1.6620 |
1.6700 |
| Support |
1.6440 |
1.6400 |
1.6350 |
Japanese Yen (JPY) – The Yen continued to fluctuate against the U.S. Dollar after Japan indicated that it’s ready to intervene in foreign exchange markets again. The USD/JPY has been stuck at the 76.50 – 76.90 levels. After the pair was struggling to break the support level at 76.30, it may increase the option for a bullish momentum. Overall, the USD/JPY pair traded with a low of 76.59 and with a high of 77.09. No economic data is expected today.
USD/JPY-Last: 76.50
| Resistance |
77.20 |
77.50 |
78.00 |
| Support |
76.60 |
76.30 |
|
Canadian dollar (CAD) – The Canadian Dollar fell against its U.S. counterpart, touching the strongest level in a week, as stocks ended the day higher and crude oil, the nation’s biggest export, rose. The trend for the pair will be bearish if the pair breaks the support level of 0.9780. Today, the Leading Index is expected to grow by 0.30% vs. 0.20% previously and the Wholesale Sales are expected to grow by 0.30% vs. 1.90% previously.
USD/CAD – Last: 0.9800
| Resistance |
0.9840 |
0.9870 |
0.9900 |
| Support |
0.9780 |
0.9680 |
0.9650 |
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Posted by admin on August 17, 2011 under forex market |
USD Dollar (USD) – In forex trading, the U.S. Dollar traded mixed against most of the major currencies despite positive economic data and optimistic speech of US President Barack Obama. Obama told an audience in rural Iowa that the U.S. economy will come back “stronger than before” after the worst recession in decades, as he sought to regain the initiative on the economic debate. Obama said the recovery must be led by small businesses and entrepreneurs and “isn’t going to be driven by Washington.” In addition, Industrial Production in the U.S. climbed last month by 0.9 percent, the most this year. The Stock markets closed negative after three days of gains as the Dow Jones fell by 0.67% and the NASDAQ lost 1.24%. The main reason is high concern that the European debt crisis may worsen. Crude oil fell by 0.90% and closed at $87.00 a barrel. Gold (XAU) strengthened by 1.70% and closed at $1,786 an ounce, as the sagging European economy spurred demand for the precious metal as an investment haven. Today, PPI m/m is expected to show unchanged vs. -0.40% previously and Crude Oil Inventories are expected to fall by -0.40M vs. -5.2M previously.
Euro (EUR) – The Euro fell against the U.S. Dollar after German and French leaders rejected the issuance of bonds by the European currency region to contain its sovereign-debt crisis. German leader, Merkel said “I don’t think Europe has used its last resource yet, and I don’t think we can resolve the problem with a single big-bang policy”. In addition, the German GDP, adjusted for seasonal effects, grew 0.20% vs. 0.30% forecast. Trading above the support level of 1.4380 will keep the momentum positive for the pair. Overall, the EUR/USD traded with a low of 1.4351 and with a high of 1.4476. Today, the CPI y/y is expected to grow by 2.5% and the Core CPI y/y is expected to grow by 1.7% vs. 1.6% previously.
EUR/USD – Last: 1.4390
| Resistance |
1.4400 |
1.4450 |
1.4520 |
| Support |
1.4380 |
1.4250 |
1.4160 |
British Pound (GBP) – The Pound strengthened against the greenback after a report showed U.K. inflation accelerated more than economists forecast, reducing the likelihood the Central Bank will inject further monetary stimulus into the economy. The trend for the pair remains bullish if the pair maintains its support level of 1.6350, but if the pair breaks that support level, it may reach 1.6150. Overall, the GBP/USD traded with a low of 1.6317 and with a high of 1.6476. Today, the Claimant Count Change is expected to be at 20.1K vs. 24.5K previously and the MPC Meeting Minutes are due to be released.
GBP/USD – Last: 1.6430
| Resistance |
1.6480 |
1.6550 |
1.6620 |
| Support |
1.6380 |
1.6350 |
1.6320 |
Japanese Yen (JPY) – The Yen continued to fluctuate against the US Dollar after Japan indicated that it’s ready to intervene in foreign exchange markets again. The USD/JPY has been struggling between the 76.50 – 76.90 levels. As long as the pair is trading below 77.10, the Yen is more attractive. A short position is preferred if the pair breaks below the 76.30 level. Overall, the USD/JPY pair traded with a low of 76.59 and with a high of 77.09. No economic data is expected today.
USD/JPY-Last: 77.70
| Resistance |
77.20 |
77.50 |
78.00 |
| Support |
76.60 |
76.30 |
|
Canadian dollar (CAD) – The Canadian Dollar fell against its U.S. counterpart due to a decline in oil prices. In addition, the Manufacturing Sales came out worse than expected after showing a decline of -1.50% vs. -0.30% forecast. The trend for the pair will be bullish if the pair maintains its support level of 0.9820. Today, the Foreign Securities Purchases are expected to grow by 10.33B vs. 15.40B previously.
USD/CAD – Last: 0.9820
| Resistance |
0.9840 |
0.9870 |
0.9900 |
| Support |
0.9810 |
0.9780 |
0.9680 |
Tags: currency pair, currency trading, daily forex, daily forex analysis, Daily Forex review, EUR/USD, foreign exchange, foreign exchange market, Forex, forex demo, forex market, forex news, forex online, forex online market, forex strategy, fx forex, fx trade, fx trading, learn forex, NASDAQ, Trading Forex, ufx bank, ufxbank, USD/CAD, USD/JPY
Posted by admin on August 15, 2011 under forex market |
USD Dollar (USD) – In forex trading, Dollar weakened against most other major currencies as Retail Sales figures increased last month by the most in four months, coming out at 0.5% vs. 0.3% prior, which led investors to be optimistic and to prefer riskier assets. Wall Street closed positive as the NASDAQ rose by 0.61% and the Dow Jones by 1.13% respectively. Crude oil declined by 0.40%, closing at $85.34 a barrel. Gold (XAU) fell by 0.50%, owing to the Dollar’s decline, and closing at $1,742 an ounce. Today, the TIC Long-Term Purchases are expected to rise from 23.6B to 30.10B. The NY Empire State Manufacturing Index is expected at -0.40% vs. -3.80%.
Euro (EUR) – The Euro rose against the US Dollar as Wall Street reacted positively after Retail Sales data in the US came out better than expected, supporting higher yielding assets. The EUR/USD’s momentum is bullish above the 1.4220 level and the next resistance level on the daily chart is at 1.4400. Overall, the EUR/USD traded with a low of 1.4149 and with a high of 1.4291. No economic data is expected today.
EUR/USD – Last: 1.4283
| Resistance |
1.4320 |
|
|
| Support |
1.4280 |
1.4260 |
1.4210 |
British Pound (GBP) – The British Pound gained against the US Dollar after the release of positive U.S. data caused the markets to be bullish, drifting the pound as well. As long as the GBP/USD is trading above the 1.6200 level, the trend of the pound is bullish and the next resistance level on the one hour chart is at 1.6340. The Moving Average indicator supports an uptrend trend as well. Overall, the GBP/USD pair traded with a low of 1.6166 and with a high of 1.6313. No economic data is expected today.
GBP/USD – Last: 1.6282
| Resistance |
1.6315 |
1.6400 |
|
| Support |
1.6255 |
1.6180 |
1.6110 |
Japanese Yen (JPY) –The Yen fluctuated against most major currencies after Finance Minister Yoshihiko Noda said he’s ready to intervene in the market again to stem an advance in Japan’s currency that risks slowing an economic recovery. The main trend of the USD/JPY is strongly bullish and as long as the pair is trading below 77.40, the Yen is more attractive and a short position is preferred. Overall, the USD/JPY pair traded with a low of 76.51 and with a high of 77.01. No economic data is expected today.
USD/JPY-Last: 76.80
| Resistance |
77.00 |
77.50 |
78.30 |
| Support |
76.50 |
76.30 |
|
Canadian dollar (CAD) – The Canadian Dollar fluctuated against the US Dollar as concern that the global economy is slowing down caused the market to be unstable. As long as the pair is trading above the 0.9780 level, the momentum of the US Dollar is totally positive and the next resistance level on the daily chart is located at the 1.0000 level. Overall, USD/CAD traded with a low of 0.9851 and with a high of 0.9918. No economic data is expected today.
USD/CAD – Last: 0.9884
| Resistance |
0.9955 |
1.0000 |
|
| Support |
0.9835 |
0.9740 |
0.9550 |
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