Daily Forex News: July 2, 2010 – US Jobs Report Spurs Recovery Concerns

Posted by admin on July 4, 2010 under Uncategorized | Be the First to Comment

USD Dollar (USD) – The Dollar lost gains across the board after weak economic data as the Initial Jobless Claims came out 472K worse than expected 460K. The ISM Manufacturing Index came out 56.2 worse than expected 59. Stocks in the US fell moderately with NASDAQ and Dow Jones falling by -0.37% and -0.42% respectively. Crude oil plummeted by 3.7% closing at 72.7$ a barrel. Gold (XAU) collapsed by 3.2% and fell below 1200$ an ounce. Today, the Nonfarm Payrolls is expected at -100K vs. 431K previously. The Unemployment Rate is expected at 9.8% vs. 9.7% previously.

Euro (EUR) – The Euro climbed in Forex trading amid signs that funding pressures are easing on Europe’s financial institutions. The Euro breached above 1.25 and jumped to 6 week high against the dollar. The Manufacturing PMI came out unchanged at 55.6 as expected. Trading above the support level of 1.2470 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.2192 and with a high of 1.2539. Today, the Unemployment Rate is expected unchanged at 10.1%. The PPI is expected at 0.3% vs. 0.9% previously.

EUR/USD – Last: 1.2512

British Pound (GBP) – The Pound has made considerable gains against the Dollar and reached a fresh 8 week high at 1.5189. The Manufacturing PMI came out 57.5 worse than expected 57.6. Trading above the support level of 1.5120 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.4871 and with a high of 1.589. Today, the Construction PMI is expected at 58.6 vs. 58.5 previously.

GBP/USD – Last: 1.5179

Japanese Yen (JPY) – The dollar tumbled to a 7 month low against the yen on speculation the world’s largest economy may be slow to recover. Trading above the support level of 86.8 might cause to rebound in the pair upside. Overall, USD/JPY traded with a low of 86.95 and with a high of 88.54. No economic data is expected today.

USD/JPY-Last: 88.10

Canadian dollar (CAD) – The Canadian Dollar retreated from its 3 week low level as the Dollar weakened across the board. The pair broke below 1.06 level and trimmed part of losses. Trading above the support level of 1.0530 keeps the momentum positive for the pair. Overall, USD/CAD traded with a low of 1.0576 and with a high of 1.0672. No economic data is expected today.

USD/CAD-Last: 1.0588

Daily Forex News: July 1, 2010 – US Jobs Data Pushes GBP Below 1.5

Posted by admin on July 1, 2010 under Uncategorized | Be the First to Comment

USD Dollar (USD) – The Dollar advanced against the other majors as risk aversion and Dollar bullish momentum continued after US disappointing ADP Non-Farm Employment Change that came out 13K worse than expected 58k. Another negative day was in US Stock Markets with NASDAQ and Dow Jones falling by -1.21% and -0.98% respectively. Crude oil slightly declined closing at 75.25$ a barrel, Gold (XAU) rose by 0.2% closing at 1242.4$ an ounce. Today, the Initial Jobless Claims is expected at 460K vs. 457K previously. The ISM Manufacturing Index is expected at 59 vs. 59.7 previously.

Euro (EUR) – The Euro jumped against the Dollar in Forex Trading to 1.23 zones after the ECB said it would lend banks less than analysts estimated; spurring optimism that funding pressures among financial institutions are lowering, but erased part of the gains after the decision of Moody’s to put Spain’s rating on review for a potential downgrade. The CPI came out 1.4% worse than expected 1.5%. Breaking the 1.2170 support level might push the pair lower. Overall, EUR/USD traded with a low of 1.2165 and with a high of 1.2303. Today, the Manufacturing PMI is expected unchanged at 55.6. EUR/USD – Last: 1.2209

British Pound (GBP) – The US negative employment data pushed the Pound to a 3 day low against the dollar breaking down the 1.5 level. The Nationwide HPI came out 0.1% worse than expected 0.3%. Breaking below the 1.4880 support level might push the pair lower. Overall, GBP/USD traded with a low of 1.4930 and with a high of 1.572. Today, the Manufacturing PMI is expected at 57.6 vs. 58 previously. GBP/USD – Last: 1.4930

Japanese Yen (JPY) – The Japanese Yen gained versus the dollar as US stock markets declined and a potential downgrade of Spain was discussed. The Tankan Manufacturing Index came out 1 better than expected -3. Breaking below the 87.80 support level might push the pair lower. Overall, USD/JPY traded with a low of 88.34 and with a high of 88.75. No major economic data is expected today. USD/JPY-Last: 88.16

Canadian dollar (CAD) – Canada’s Dollar fell against the American dollar to the lowest level in more than three weeks after the GDP reports came out 0% worse than expected 0.2%. Breaching the 1.0710 might push the pair higher. Overall, USD/CAD traded with a low of 1.0465 and with a high of 1.0647. USD/CAD-Last: 1.0670

Forex Daily News: June 30, 2010 – Dollar Continues its Climb

Posted by admin on June 30, 2010 under Uncategorized | Be the First to Comment

USD Dollar (USD) – The Dollar advanced against the other majors in Forex trading after confidence among U.S. consumers sank in June more than forecast and Stocks plunged as the confidence data combined with conference board figures showing China’s economic outlook improved less than previously estimated, added to concern the global economy is slowing, leading the investors to sell risky assets. NASDAQ and Dow Jones fell by 3.85% and 2.65% respectively. Crude oil fell by -3.0% closing at 75.94$ a barrel, Gold (XAU) rose by 0.3% closing at 1242.4$ an ounce. Today, ADP Non-Farm Employment Change is expected to rise from 55k to 59K.

Euro (EUR) – The Euro tumbled to a 2-week low against the Dollar, amid market concerns ahead of Thursday’s expiration of a Euro zone refinancing program. The main support on the daily chart of the EUR/USD is located at 1.2120 levels, if it breaks this level the Euro is likely to decline sharply. Overall, EUR/USD traded with a low of 1.2151 and with a high of 1.2291. Today, German Unemployment Change is expected at -23k vs. -45k prior, CPI Flash Estimate is expected at 1.5% vs. 1.6% prior, ECB President Trichet Speaks. EUR/USD – Last: 1.2209

British Pound (GBP) – The Pound declined against the Dollar and extended its gains versus the Euro as fears that the global economic recovery is faltering continued. Mortgage Approvals came out worse than expected, leading the investors to sell the Pound versus the Dollar and the Yen. As long as the GBP/USD trades above 1.5000 the momentum is still bullish, the RSI and 10 moving average support an increased trend as well. GfK Consumer Confidence came out at -19 vs. -20 forecast. Overall, GBP/USD traded with a low of 1.5011 and with a high of 1.5119. Today, Nationwide HPI is expected at 0.3% versus 0.5% prior. GBP/USD – Last: 1.5060

Japanese Yen (JPY) –The Yen strengthened against all majors on speculation the global economic recovery will slow .The main resistance of the USD/JPY is at 89.50 and as long as it’s trading below this level a short position is preferred, the next support is located at 88.00 level. Overall, USD/JPY traded with a low of 88.28 and with a high of 89.41. Today, Tankan Manufacturing Index is expected with -3 versus -14. USD/JPY-Last: 88.54

Canadian dollar (CAD) – The Canadian Dollar weakened to the lowest level in 3 weeks versus the Dollar as concern over Europe’s fiscal woes and signs of a global slowdown drove investors away from higher yielding assets like stocks and commodities. As long as the USD/CAD remains above 1.0500 a long position is preferred. Overall, USD/CAD traded with a low of 1.0342 and with a high of 1.0577. Today, GDP is expected at 0.2% vs. 0.6% prior. USD/CAD-Last: 1.0538