USD Dollar (USD) – In forex trading,  the US Dollar rose against the major currencies as global stocks and commodities remain lower after Germany’s declaration about Europe’s debt crisis, which stated that there’s no quick fix to the crisis. This led investors to prefer the US Dollar as a safe haven investment. Wall Street closed negative as the NASDAQ decreased by 1.98% and the Dow Jones by 2.13% respectively. Crude oil weakened by 0.5%, closing at $86.38 a barrel. Gold (XAU) declined by 0.52%, finishing at $1671.83 an ounce. Today, the PPI is expected to strengthen from 0.0% to 0.2%. TIC Long Term Purchases are expected to rise from 9.5B to 27.8B and the Federal Chairman Bernanke is expected to speak.

Euro (EUR) – The Euro weakened against the US Dollar as Germany signaled that Europe may take longer to contain its sovereign debt crisis. This put on hold investments into higher yielding assets. The EUR/USD’s momentum became bearish after breaking the 1.3850 level, the next support level on the one hour chart is located at the 1.3700 level. The RSI indicator is trading within the negative range, which supports a downtrend. Overall, the EUR/USD traded with a low of 1.3724 and with a high of 1.3914. Today, the German ZEW Economic Sentiment is expected to be -44.8 vs. -43.3 previously and the ZEW Economic Sentiment is at -45.1 vs.-44.6 previously.

EUR/USD –  Last: 1.3773

British Pound (GBP) – The British Pound weakened versus the US Dollar following Germany’s comments about Europe’s sovereign debt crisis. The GBP\USD’s trend has been halted and if the pair breaks up at the1.5800 level, the Pound will be bullish again. Overall, the GBP/USD traded with a low of 1.5731 and with a high of 1.5847. Today, the CPI is expected to rise from 4.5% to 4.9% and the Core CPI is expected to be at 3.2% vs. 3.1% previously. The BOE Governor King is expected to speak.

GBP/USD – Last: 1.5803

Japanese Yen (JPY) – The Yen rallied against the major currencies as risk appetite remains low, which led investors to stick with the Yen as a refuge currency. The USD/JPY still remains within the 76.50 – 77.50 level and as long as the pair remains between these levels the trend continues to be unclear. Overall, the USD/JPY traded with a low of 76.61 and with a high of 77.45. No economic data is expected today.

USD/JPY-Last: 76.81

Canadian dollar (CAD) – The Canadian Dollar weakened versus the US Dollar on declines in stocks and Crude Oil, which caused the US currency to be more attractive as a refuge currency. As long as the pair is trading above the 1.0200 level the US Dollar continues to be the favorite. The Moving Average Indicator on the one hour chart supports a bullish trend as well. The next resistance level on the one hour chart is located at the 1.0280 level. Overall, the USD/CAD traded with a low of 1.0043 and with a high of 1.0239. No economic data is expected today.

USD/CAD – Last: 1.0216

USD Dollar (USD) – In forex trading, the US Dollar fell versus most of the major’s counterparts as global stocks advanced, sapping demand for the Greenback as a haven currency, causing investors to prefer higher yielding assets. Wall Street closed positive as the NASDAQ advanced by 3.50% and the Dow Jones rose by 2.97% on optimism that Europe will address its debt crisis and after improvement in American economic data. Crude oil climbed to the highest level in two weeks by 2.80% and closed at $85.40 a barrel due to signs that demand will increase. Gold (XAU) jumped by 2.38%, closing at $1,675 an ounce. No economic data is expected today.

Euro (EUR) – The Euro strengthened the most in more than a year versus the US Dollar after French and German leaders pledged to deliver a plan to support banks and repeated a commitment to keep Greece in the single-currency bloc. The leaders promised that they will deliver a plan to recapitalize the region’s banks and address the Greek crisis by the 3^rd of November. After the announcement, optimism rose in the market. Therefore the Euro stayed higher even as a report showed European investor confidence fell to the lowest in more than two years. Trading below the resistance level of 1.3700 will keep the momentum of the pair negative, but if the pair breaks above this resistance level, it may reach the 1.4060 level again. Overall, the EUR/USD traded with a low of 1.3377 and with a high of 1.3697. Today, the ECB President, Trichet is expected to speak.

EUR/USD – Last: 1.3630

British Pound (GBP) – The British Pound gained versus the US Dollar after German Chancellor Angela Merkel and French President Nicholas Sarkozy’s announcement that they will deliver a plan to recapitalize the region’s banks and address the Greek crisis. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance level it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5422 and with a high of 1.5645. Today, Manufacturing Production is expected to decline by -0.10% vs. 0.10% previously.

GBP/USD – Last: 1.5630

Japanese Yen (JPY) – The Yen strengthened versus the US Dollar and most majors due to positive economic data.  The Current Account came out better than the expected 0.65T vs. the 0.51T forecast. Technically, the USD/JPY is trading within a narrow range with no clear long term trend. If the pair breaks below the 76.00 level, the trend will continue downwards. Tomorrow, Core Machinery Orders are expected to grow by 4.5% vs. -8.2% previously.

USD/JPY – Last: 76.60

Canadian Dollar (CAD) – The Canadian Dollar strengthened against its US counterpart as stocks and commodities, such as crude oil, advanced on speculation that debt concern in Europe may ease, making higher-yielding currencies more attractive. The trend for the pair is bearish, if the pair maintains its resistance level of 1.0330. Today, Housing Starts are expected to grow by 187k vs. 185k previously.  

USD/CAD – Last: 1.0290

USD Dollar (USD) – In forex trading, the US Dollar fell versus most of the majors after better than expected Payrolls data lowered risk aversion and caused investors to prefer higher yielding assets. Non Farms Payrolls came out with a 103K increase from 57K last month and a 55K forecast. Wall Street couldn’t sustain early gains and finished in the red as the NASDAQ declined by 1.1% and the Dow Jones declined by 0.18%. Crude oil gained by 0.11% and closed at $83.07 a barrel. Gold (XAU) weakened by -0.76%, closing at $1,636.10 an ounce. Today is Columbus Day, a Bank Holiday in the USA and low liquidity and irregular volatility are expected.

Euro (EUR) – The Euro strengthened versus the US Dollar after French and German leaders pledged to deliver a plan in three weeks to recapitalize banks and reiterated their intention to keep Greece within the Euro. This occurred, despite Fitch Ratings cutting Italy’s rating to A+ from AA- and Spain’s rating from AA+ to AA-. Additionally, Portugal is expected to become the next country to be downgraded. Trading below the resistance level of 1.3500 will keep the momentum of the pair negative, but if the pair breaks above this resistance level, it may reach the 1.4060 level again. Overall, the EUR/USD traded with a low of 1.3360 and with a high of 1.3524. Today, the German Trade Balance is expected at 9.8B versus 10.10B previously and the French and Italian Industrial Production will be released.

EUR/USD – Last: 1.3460

British Pound (GBP) – The British Pound gained versus the US Dollar after better than expected Payrolls data in the U.S spurred demand for higher yielding assets. The Pound retraced most of its gains later during the trading session. MPC Member, Weale, said on Sunday that the Bank of England is likely to increase asset purchases even further than the 275 Billion Pounds, which was announced on Thursday. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5422 and with a high of 1.5645. No economic data is expected today.

GBP/USD – Last: 1.5610

Japanese Yen (JPY) – The Yen finished lower versus the US Dollar and most majors after better than expected Non Farm Payrolls in the US spurred investors toward higher yielding assets. The Bank of Japan made no changes in its monetary policy by leaving rates unchanged, and stated that there is an increasing risk of a global slowdown. Technically, the USD/JPY is trading within a narrow range with no clear long term trend. If the pair breaks below the 76.00 level, the trend will continue downwards. Today is a Bank Holiday in Japan which can lead to abnormally low or high volatility.

USD/JPY – Last: 76.80

Canadian Dollar (CAD) – The Canadian Dollar finished unchanged versus the US Dollar on Friday. The Employment Change was 60.9K better than the expected 15.2K and the Unemployment Rate was also better than expected with 7.1% versus 7.3%. Positive economic data caused the Canadian Dollar to strengthen to a one-week high versus the U.S Dollar, but a 103K in Non Farm Payrolls helped the US Dollar bounce back. The trend for the pair will continue to be bullish if the pair maintains its support level of 1.0280. Today is a Bank Holiday in Canada in observance of Thanksgiving Day and the market is expected to be low on liquidity which could lead to abnormal volatility.  

USD/CAD – Last: 1.0340

USD Dollar (USD) – In forex trading,  the US Dollar fell against most major currencies after Federal Reserve Chairman, Ben Bernanke, said that the central bank is ready do more to boost the economy. Bernanke is struggling to find ways to reduce unemployment, which is stuck at 9 percent and avert a second recession in three years after deploying unconventional stimulus tools. The US Dollar fell despite speculation that signs of economic slowdown will compel the European Central Bank to increase monetary stimulus at its meeting tomorrow. Wall Street closed positive as the NASDAQ rose by 2.95% and the Dow Jones rose 1.44% due to a report that European Union officials were examining ways to coordinate the recapitalization of banks and valuations at the cheapest level since 2009. Crude oil jumped for the first day in four by 2.00 and closed at $77.70 a barrel. Gold (XAU) fell by 1.86%, closing at $1,630 an ounce. Today, the ADP Non-Farm Employment Change is expected to grow by 76K vs. 91K previously, the ISM Non-Manufacturing PMI is expected to show 53.0 vs. 53.3 previously and Crude Oil Inventories are expected to grow by 1.0M vs. 1.9M previously.

Euro (EUR)–The Euro bounced off an 8 month low, finishing higher at 1.3290, amid speculation that Europe will recapitalize its banks to tame a debt crisis which threatens to curb economic growth. The Euro held its ground, despite Moody’s announcement about downgrading Italy’s government bond rating by three notches, from AA2 to A2, which meant that Italy’s credit rating was cut for the first time in almost two decades. There is concern that the government will struggle to reduce the region’s second-largest debt amid chronically weak growth.  Trading below the resistance level of 1.3480 will keep the momentum of the pair negative, but if the pair breaks above this resistance level, it may reach the 1.4060 level again. Overall, the EUR/USD traded with a low of 1.3144 and with a high of 1.3368. Today, Retail Sales are expected to decline by -0.20% vs. 0.30% previously.

EUR/USD – Last: 1.3290

British Pound (GBP) – The British Pound strengthened against the Greenback as the Euro-region debt crisis stoked demand for comparatively safer assets and investors wait to hear whether the Bank of England will announce further monetary stimulus to revive the economy tomorrow. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5420 and with a high of 1.5582. Today, the Current Account is expected to decline by -10.4B vs. -9.4B previously, the Services PMI is expected to show 50.6 vs. 51.1 previously and the final GDP is expected to grow by 0.2% as previously.

GBP/USD – Last: 1.5435

Japanese Yen (JPY) – The US Dollar traded unchanged against the Japanese Yen after the pair did not succeed to break it resistance level of 77.00. Technically, trading below the 76.80 level will keep the trend bearish and the pair may test its support of 76.30. Today, no economic data is expected.

USD/JPY – Last: 76.70

Canadian Dollar (CAD) – The Canadian Dollar fell on concern that the global economy is weakening after Federal Reserve Chairman Ben Bernanke said the U.S. central bank stands ready to take additional steps to boost growth. The trend for the pair will continue to remain bullish if the pair maintains its support level of 1.0350. Today, no economic data is expected.

USD/CAD – Last: 1.0550

USD Dollar (USD) – In forex trading, the US Dollar weakened for the first time in four days against the other major currencies as speculation increased that European leaders will do what is necessary to stem the region’s sovereign debt crisis. In addition, New Homes Sales data fell to a six month low, at 295K vs. 302K, which led investors to prefer other assets for investment. Wall Street closed bullish as the NASDAQ increased by 1.35% and the Dow Jones was down by 2.53% respectively. Crude oil strengthened for the first time in 4 days and rose by 0.5%, closing at $80.24 a barrel. Gold (XAU) weakened by 2.7% and finished at $1594.80 an ounce. Today, the CB Consumer Confidence is expected to rise from 44.5 to 46.2.

Euro (EUR) – The Euro succeeded in closing higher after weakening during the day against the US Dollar. An official reported that the European Central Bank may restart covered bond purchases, along with further measures to ease monetary conditions. The German IFO Business Climate released better data than forecasted at 107.5 vs. 107.0, which also pushed the Euro higher. The EUR/USD’s momentum remains bearish as long as the pair is trading below the 1.3620 level, if the pair breaks up at this level the Euro could continue to rise to the 1.3700 level. Overall, the EUR/USD traded with a low of 1.3362 and with a high of 1.3542. Today the GFK German Consumer Climate is expected to be at 5.1K vs. 5.2K previously.

EUR/USD – Last: 1.3536

British Pound (GBP) – The British Pound advanced against the US Dollar after Bank of England policy maker, Ben Broadbent, said that inflation expectations remain under control, causing relief about economic growth in the UK. The weakness of the US Dollar contributed to the gain in the British Pound. As long as the GBP\USD is trading above the 1.5500 level, the British Pound may continue to rise and the next resistance level on the four hour chart is at the 1.5750 level. Overall, the GBP/USD traded with a low of 1.5432 and with a high of 1.5570. Today, CBI Realized Sales are expected to remain at the -14 level.

GBP/USD – Last: 1.5571

Japanese Yen (JPY) – The Yen strengthened versus the US Dollar as the negative momentum of the US Dollar against other major pairs contributed to the gain in the Yen. The USD/JPY is still struggling with the 76.50 level and as long as the pair is trading below the 77.20 level, the Yen is more attractive. The next support line on the daily chart is still located at the 76.00 level. Overall, the USD/JPY traded with a low of 76.22 and with a high of 76.76. No economic data needs to be published.

USD/JPY – Last: 76.32

Canadian dollar (CAD) – The Canadian Dollar erased losses as stock markets and oil climbed, with higher yielding assets emerging more attractive than the US Dollar. As long as the pair is trading above the 1.0180 level, the US Dollar remains positive. The Moving Average Indicator on the daily chart continues to support a bullish trend and the next resistance on the one hour chart is located at the 1.0400 level. Overall, the USD/CAD traded with a low of 1.0249 and with a high of 1.0385. No economic data needs to be published.

USD/CAD – Last: 1.0238

USD Dollar (USD) – In forex trading, the US Dollar continued with its bullish trend against the other major currencies as the Fed saw “significant downside risks” to the U.S. economy and the European debt crisis, which continued to top the news headlines. This led investors to stick with the US Dollar as a refuge investment .Wall Street closed bullish after dropping three days as NASDAQ increased by 1.12% and Dow Jones by 0.35% respectively. Crude oil weakened by 0.5%, and closed at $80.5 a barrel. Gold (XAU) plunged by 6.0% as investors sold the precious metal to cover losses on other assets and finished at $1632 an ounce. Today, New Home Sales are expected to be 293K vs. 298K previously.

Euro (EUR) – The Euro erased some losses against the US Dollar as European officials announced that they would be taking steps to prevent further debt contagion in the Euro region. The EUR/USD’s momentum is bearish as long as the pair remains below the 1.3800 level, the next support level on the daily chart is at the 1.3400 level; with the RSI indicator in a negative range, which means that the Euro might continue to decrease. Overall, EUR/USD traded with a low of 1.3418 and with a high of 1.3567. Today, the German IFO Business Climate is expected to decline from 108.7 to 106.80.

EUR/USD – Last: 1.3416

British Pound (GBP) – The British Pound fell for a third consecutive day against the US Dollar amid speculation that the Bank of England will respond to slowing global economic growth after saying it may buy more bonds to keep borrowing costs capped. As long as the GBP\USD is trading below the 1.5860 level, the trend of the British Pound is still negative. The next support level on the daily chart is at the 1.5350 level, if the pair breaks below this level the British Pound might slump to the 1.5120 level. Overall, the GBP/USD traded with a low of 1.5359 and with a high of 1.5491. No economic data needs to be published.

GBP/USD – Last: 1.5455

Japanese Yen (JPY) – The Yen fluctuated against the major pairs on Friday during a positive day for the stock market and for the US Dollar, which caused inconsistency in the Yen. The USD/JPY is struggling at the 76.50 level. As long as the pair is trading below the 77.20 level, the Yen is more attractive. The next support line on the daily chart is located at the 76.00 level. Overall, the USD/JPY traded with a low of 76.15 and with a high of 76.88. No major news needs to be published.

USD/JPY-Last: 76.40

Canadian dollar (CAD) – The Canadian Dollar weakened versus the US Dollar during a positive range for the US Dollar worldwide. This is tied to the weak closing of oil on Friday, which affected the Canadian Dollar. As long as the pair is trading above the 1.0100 level, the trend of the US Dollar is strongly positive. The Moving Average Indicator on the daily chart supports a bullish trend and the next resistance on the daily chart is located at the 1.0355 level. Overall, the USD/CAD traded with a low of 1.0224 and with a high of 1.0348. No economic data needs to be published.

USD/CAD – Last: 1.0328

Daily Market Review 14/09/2011

USD Dollar (USD) – In forex trading, the US Dollar traded mixed against the other major currencies as the debt crisis concern in Greece didn’t really make headlines. US equities advanced on the hope that further political support for Greece would be applied. The Federal Budget Balance was published at -134.2B, worse than the expected -128.4B. The fiscal deficit in August was the highest since March. The Stock Market closed positive as the Dow Jones climbed by 0.4% and the NASDAQ gained 1.49%. Crude oil jumped by 2.3% and closed at $90.20 a barrel due to the positive trend in the equity markets. Gold (XAU) has joined the positive momentum of the Markets and appreciated by 0.9%, closing at $1,830 an ounce as investors had a good chance to buy it at the low price of $1,800 earlier. Today, the Core Retail Sales are expected at 0.2% vs. 0.5%. Crude Oil Inventories are expected at -3.1M vs. -4M previously. If the Inventories do shrink, we might expect another positive day for Black Gold.

Euro (EUR) – The Euro rose against the US Dollar as stocks gained, fueled by a jump in French bank shares and higher investor demand for riskier assets. Confidence in the European currency was established after Italy was issuing 5-year bonds worth 3.9B Euro and an Interest Rate set at 5.6%. The French CPI came out at 0.5%, better than the expected 0.3%. Holding above the support level of 1.3640 might push the pair higher; otherwise a rebound back to the 1.35 zones might be seen. Overall, the EUR/USD traded with a low of 1.3557 and with a high of 1.3738. Today, the Industrial Production is expected higher, at 1.5% vs. -0.7% previously.

EUR/USD – Last: 1.3691

British Pound (GBP) – The Pound failed to hold gains against the greenback amid concern that due to the debt crisis, the UK’s partner, Europe, will hurt Britain’s economic growth. The CPI came out unchanged as expected at 4.5%. The Pound also depreciated as a government report showed inflation accelerated in August. Holding below the resistance level of 1.5830 keeps the momentum negative for the pair. Overall, the GBP/USD traded with a low of 1.5760 and with a high of 1.5866. Today, the Claimant Count Change is expected at 34.8k vs. 37.1k previously. The Bank of England Gov is also expected to speak.

GBP/USD – Last: 1.5796

Japanese Yen (JPY) – The Yen has slightly advanced against the US Dollar, mostly trading in a very tight range. The demand for refuge increased on concern over the slowing US economy and Euro zone debt problems. The USD/JPY’s trend is bearish if the pair maintains the resistance level at 77.00. The next support level on the daily chart lies at the 76.40 levels. When the pair breaks this level, a short position will be profitable. Overall, the USD/JPY traded with a low of 76.79 and with a high of 77.24. Today, no economic news is expected to be published.

USD/JPY-Last: 76.90

Canadian dollar (CAD) – The Canadian Dollar gained for a second day against the US Dollar as risk appetite drove investors. Material prices increased, as crude oil dragged the loonie with it. Breaking the next support level of 0.9830 will push the USD/CAD pair lower. Overall, the USD/CAD traded with a low of 0.9848 and with a high of 0.9974. Today, no economic news is expected to be published.

USD/CAD – Last: 0.9853

USD Dollar (USD) – In forex trading, the US Dollar closed slightly weaker against most of the majors after it was trading on the daily highs during most of the last trading session amid the debt crisis in Greece. In addition, US President Barack Obama said yesterday that “Businesses are having trouble staying open; you’ve got a world economy that is full of uncertainty right now in Europe and in the Middle East. Some events may be beyond our control, but this is something we can control.” His words described, in simple terms, the uncertainty that rules the financial markets these days.  The Equity Markets were trading negative until a few minutes before the closing bell, but then sharply reversed. Obama’s plan to approve a program which will boost employment pushed the Stock Markets to close positive as the Dow Jones climbed by 0.63% and the NASDAQ gained 1.10%. Crude oil jumped by 1.1% and closed at $88.90 a barrel due to crude stockpiles shrinking in the US. Gold (XAU) has slumped by more than -2.5% and closed at $1,815.50 an ounce as the greenback’s recovery increases. Today, the Federal Budget Balance is expected at -126.5B vs. -129.4B previously.

Euro (EUR) – The Euro recovered from its lowest level at 1.3500 since February against the US Dollar after the Financial Times reported that Italy was in contact with a Chinese investment firm that may buy its bonds. However, there is still much concern about the euro zone debt crisis before Italy sells its bonds today, especially Greece, which is nearing default. Breaking the support level of 1.3640 might push the pair lower to the 1.34 zones; otherwise a rebound to the 1.38 areas might be seen. Overall, the EUR/USD traded with a low of 1.3494 and with a high of 1.3694. Today, the French CPI is expected at 0.3% vs. -0.4% previously.

EUR/USD – Last: 1.3673

British Pound (GBP) – The Pound rebounded from a 7-month low against the US Dollar as the overall trend has changed and the greenback has started to lose gains. The RICS House Price Balance came out at -23%, worse than the expected -22%. Breaking the support level of 1.5830 might push the pair lower to the 1.56 zones; otherwise a rebound to the 1.6 areas might be seen. Overall, the GBP/USD traded with a low of 1.5771 and with a high of 1.5884. Today, the CPI is expected at 4.5% vs. 4.4% previously.

GBP/USD – Last: 1.5860

Japanese Yen (JPY) – The Yen has slightly advanced against the US dollar as a demand for refuge increased on concern over the slowing US economy and Eurozone debt problems. The USD/JPY’s trend is bearish if the pair maintains the resistance level at 77.00. The next support point on the daily chart lies at the 76.80 levels. When the pair breaches this level, a short position will be preferred. Overall, the USD/JPY traded with a low of 76.73 and with a high of 77.57. Today, no economic news is expected to be published.

USD/JPY-Last: 77.00

Canadian dollar (CAD) – The Canadian Dollar gained against the US Dollar even though earlier the USD/CAD pair was trading above the parity level. Crude oil soared and dragged the Loonie with it. Breaking the support level of 0.9940 might push the pair lower. Overall, the USD/CAD traded with a low of 0.9867 and with a high of 1.0024. Today, no economic news is expected to be published.

USD/CAD – Last: 0.9917

USD Dollar (USD)

In forex trading, the Dollar gained across the board as the Debt Crisis in Greece and Juergen Stark’s, a member of the Executive Board, quit from his ECB post over the bank’s purchases of bonds pushed investors for risk aversion and favored the greenback. The Stock Markets reacted sharply negative as the Dow Jones was crushed by -2.69% and the NASDAQ lost -2.42%. Crude oil declined by -2% and closed at $87.20 a barrel. Gold (XAU) has slightly strengthened by 0.1% and closed at $1,859.50 an ounce. No economic news is expected to be published today.

Euro (EUR)

The Euro was crushed against the US Dollar on speculation that the ECB will cut interest rates based on the fact that the region’s debt crisis is worsening and increasing interest rates is not seen as an option in the midterm. Breaking the next support level of 1.3640 might push the pair lower to the 1.34 zones; otherwise a rebound to the 1.38 areas might be seen. Overall, the EUR/USD traded with a low of 1.3626 and with a high of 1.3936. Today, no major economic news is expected to be published.

EUR/USD – Last: 1.3593

British Pound (GBP)

The Pound buckled under the buying pressure of the US Dollar and fell below the 1.59 zones. The disappointing data of the PPI Input came out at -1.9% worse than the expected -1.6%. Breaking the next support level of 1.5830 might push the pair lower to the 1.56 zones; otherwise a rebound to the 1.6 areas might be seen. Overall, the GBP/USD traded with a low of 1.5842 and with a high of 1.5989. Today, no economic news is expected to be published.

GBP/USD – Last: 1.5858

Japanese Yen (JPY)

The Yen weakened against the US Dollar as a positive US Dollar trend caused the Yen to be less attractive to traders. The USD/JPY’s trend is positive above the 77.00 areas; the next resistance point on the daily chart lies at the 77.75 levels. When the pair breaches this level a long position will be preferred. Overall, the USD/JPY traded with a low of 77.08 and with a high of 77.84. Today, no economic news is expected to be published.

USD/JPY-Last: 77.48

Canadian dollar (CAD)

The Canadian Dollar fell for the second day versus the US Dollar as the Stock Markets dropped and led investors to stick with the US Dollar as a refuge. The disappointing economic data in Canada (published as the Employment Change) came out at -5.5k worse, than the expected 24.2k also supported the greenback. Holding above the support level of 0.9940 might push the pair back to parity. Overall, the USD/CAD traded with a low of 0.9867 and with a high of 0.9977.  Today, no economic news is expected to be published.

USD/CAD – Last: 0.9982

USD Dollar (USD) – In forex trading, the Dollar weakened against the other major currencies as the Federal Reserve said its Beige Book survey found the economy grew at a slower pace in some regions of the country. Wall Street closed positive after four negative days led the Dollar to its weakness, the NASDAQ rose by 3.04% and the Dow Jones by 2.47% respectively. Crude oil jumped by 3.9% and closed at $89.30 a barrel. Gold (XAU) fell by 2.9% owing to the positive stock markets close and finished at $1,819 an ounce. Today, Fed Chairman Bernanke speaks and the Trade Balance is expected at -51.00B vs. -53.10B prior. The Unemployment Claims are expected to be at 405K vs. 409K last week.

Euro (EUR) – The Euro rose against the US Dollar after Italian Prime Minister Berlusconi won a confidence vote on austerity measures, adding to progress in addressing the region’s debt crisis. The EUR/USD is struggling around the 1.4100 level, and only if the pair trades above the 1.4150 level will the Euro become more attractive. Overall, EUR/USD traded with a low of 1.4006 and with a high of 1.4149. Today, the Interest Rate decision is expected to remain at 1.00%, after the ECB Press Conference.

EUR/USD – Last: 1.4055

British Pound (GBP) – The Pound closed positive versus the Dollar as the Stock Market rebounded from a four-day global slump, which encouraged higher-yielding assets. As long as the GBP\USD is trading below the 1.6050 level the trend of the Pound is very bearish. The RSI indicator on the daily chart supports a downtrend as well; the next support level on the one-hour chart is at the 1.5925 l