Forex Daily News: Pound Rises vs. USD on US Jobs Data

Posted by admin on September 2, 2010 under forex market | Be the First to Comment

USD Dollar (USD) – The Dollar weakened against most major currencies in Forex Trading, after encouraging global data helped ease concerns over the global economic growth. In addition to this, the ADP report in US showed that employers in the U.S. cut only 10,000 jobs instead of the 20,000 that was forecast in August, and this in turn, boosted the stocks and commodities markets. NASDAQ and Dow Jones jumped by 2.97% and 2.54% respectively. Crude oil rose by 2.4%, closing at $73.91 a barrel. Gold (XAU) weakened by 0.2%, closing at $1248 an ounce. Today, Unemployment Claims are expected to rise a bit from 743K to 745K, Fed Chairman Bernanke will testify, and Pending Home Sales are expected at -1.3% vs. -2.6% prior.

EURO (EUR) – The Euro rallied against the Dollar, owing to good data from the US which supported buying higher assets around the world. Also, the Chinese Premier Wen Jiabao said that China and western countries should work together to enhance the world’s confidence in the euro and the European Union’s economy. This had positive effects on the Euro, as well. As long the rate is above 1.2800 levels, a long position is preferred and the momentum is bullish. Overall, EUR/USD traded with a low of 1.2662 and with a high of 1.2855. Today, there is an ECB Press Conference, where the Interest Rate Decision is expected to remain unchanged at 1.0%,

EUR/USD – Last: 1.2789

British Pound (GBP) – The Pound rose against the Dollar after a report by ADP Employer Services showed U.S. companies cut only 10,000 jobs last month, leading investors to be optimistic and to buy the British currency. The GBP/USD has been trading downwards since the beginning of August, and is still trading below the 10 moving average on the daily chart. Therefore, the momentum is still bearish and the next support level on the one hour chart is located at 1.5400. Overall, GBP/USD traded with a low of 1.5336 and with a high of 1.5491. Today, Nationwide HPI is expected at -0.3% vs. -0.5% prior.

GBP/USD – Last: 1.5435

Japanese Yen (JPY) –The Yen fell against most of its major currencies as reports showed manufacturing in the U.S. and China accelerated, spurring demand for higher yielding assets like stocks and commodities. The momentum of the USD/JPY is bearish and the next support on the daily chart is located at 83.50. Therefore, a short position is preferred. Overall, USD/JPY traded with a low of 83.66 and with a high of 84.66. No economic data is expected today.

USD/JPY-Last: 84.17

Canadian dollar (CAD) – The Canadian Dollar strengthened for the first time this week versus the US Dollar as global equities and commodities such as crude oil strengthened, making currencies tied to growth more attractive. As long the USD/CAD is below 1.0550 levels a short position is preferred. The next support on the daily chart is located at 1.0480, and if the price crosses this level, the trend will continue to be bearish. Overall, USD/CAD traded with a low of 1.0484 and with a high of 1.0652. No economic data is expected today.

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USD/CAD – Last: 1.0543

Forex Daily News: September 1, 2010 – Yen Gains Against Majors

Posted by admin on September 1, 2010 under forex market | Be the First to Comment

USD Dollar (USD) – The Dollar rose versus most major counterparts in Forex Trading, partly in response to FOMC Meeting Minutes. There, members shared differences of opinion about reinvesting FED’S gains back into treasuries, as they assumed it will send a negative message to investors. The Chicago PMI came out 56.7, worse than the expected 57.5. The CB Consumer Confidence came out at 53.5, better than the expected 50. The Stock Markets closed mixed as the Dow Jones advanced by 0.05% and the NASDAQ declined by -0.28%. Crude Oil tumbled by more than -3% closing at $71.80 a barrel. Gold (XAU) finally breached and approached nearly $1250 an ounce. Today, the ADP Nonfarm Employment Change is expected at 13k vs. 42k previously. The ISM Manufacturing Index is expected at 53 vs. 55.5 previously.

EURO (EUR) – The Euro had a weak trading day slightly rising against the Dollar and fluctuating mostly near the support area. The German Unemployment Change came out at -17K, worse than the expected -19k. The Preliminary CPI came out unchanged at 1.6%, as expected. The Unemployment Rate came out 10%, as expected. Breaking the 1.2670 support level might push the pair lower. Overall, EUR/USD traded with a low of 1.2625 and with a high of 1.2742. Today, the Manufacturing PMI is expected unchanged at 55.

EUR/USD – Last: 1.2700

British Pound (GBP) – The Pound has lost ground versus the Dollar, falling as a result of general risk aversion, it broke the 1.54 zone ending the month at fresh lows. The Net Lending to individuals came out 0.3B, worse than the expected 0.7B. For farther decline in the pair, the 1.5330 support level has to break otherwise a rebound back to 1.54 area is possible. Overall, GBP/USD traded with a low of 1.5325 and with a high of 1.5472. Today, the Manufacturing PMI is expected at 57.1 vs. 57.3 previously.

GBP/USD – Last: 1.5378

Japanese Yen (JPY) – The Yen gained against the Dollar after the FOMC Meeting Minutes pushed Stock Markets to erase previous gains. The Yen also gained versus the other major currencies as investors search for safe haven. For further decline in the pair, the 83.80 support level has to break, otherwise a rebound back to the 85 area is possible. Overall, USD/JPY traded with a low of 83.80 and with a high of 84.65. No economic data is expected today.

USD/JPY-Last: 84.48

Canadian dollar (CAD) – The U.S dollar gained against the Canadian dollar as the Canadian GDP came out unchanged at 0.2%. Canada’s Dollar fell to an 8 week low on reduced speculation that the Bank of Canada will increase the interest rates. Breaching the 1.0660 resistance level might bring the pair to fresh highs. Overall, USD/CAD traded with a low of 1.0573 and with a high of 1.0671. No economic data is expected today.

USD/CAD – Last: 1.0632

Forex Daily News: August 31, 2010 – GBP Down On Bank’s Day Off

Posted by admin on August 31, 2010 under forex market | Be the First to Comment

USD Dollar (USD) – The Dollar rose versus most major counterparts as U.S. stocks dropped, fueling demand for safer assets. The Core PCE Price Index came out unchanged at 0.1% as expected, while the Personal Spending report came out 0.4% better than the expected 0.3%. NASDAQ and Dow Jones declined by -1.56% and -1.39% respectively. Crude Oil dropped by -0.6%, closing near $74 a barrel. Gold (XAU) traded almost unchanged and closed at $1236.50 an ounce. Today, the Chicago PMI is expected at 57.5 vs. 62.3 previously. The CB Consumer Confidence is expected at 50 vs. 50.4 previously and later THE FOMC Meeting Minutes is expected.

EURO (EUR) – The Euro has lost a ground in Forex Trading, after rising on the last 3 trading days versus the Dollar and fell back to trade below the 1.27 area. Breaking the 1.2670 support level might push the pair lower. Overall, EUR/USD traded with a low of 1.2633 and with a high of 1.2771. Today, the German Unemployment Change is expected at -19k vs. -20k previously. The Preliminary CPI is expected at 1.6% vs. 1.7% previously. The Unemployment Rate is expected unchanged at 10%.

EUR/USD – Last: 1.2650

British Pound (GBP) – The Pound declined versus the Dollar as the UK banks were closed and as a main trend, investors favored risk aversion by buying the US Dollar. Breaking the 1.5480 support level might push the pair lower. Overall, GBP/USD traded with a low of 1.5452 and with a high of 1.5574. Today, the Net lending to individuals is expected at 0.7B vs. 0.6B previously.

GBP/USD – Last: 1.5455

Japanese Yen (JPY) – The Yen rose across the board on speculation that the Bank of Japan’s stimulus plan is not enough to weaken the Japanese currency. The Prelim Industrial Production came out 0.3% better than the expected -0.3%. Retail Sales came out 0.3% worse than an expected 3.1%. Breaking the 84.50 support level might push the pair lower. Overall, USD/JPY traded with a low of 84.47 and with a high of 85.89. No economic data expected is today.

USD/JPY-Last: 84.29

Canadian dollar (CAD) – The U.S Dollar gained versus the Canadian dollar on weaker than forecast economic data, which added to evidence that the nation’s recovery has slowed. The Current Account came out -11B, worse than an expected -10.2B. Breaching the 1.0660 resistance level might bring the pair to fresh highs. Overall, USD/CAD traded with a low of 1.0470 and with a high of 1.0609. Today, the GDP is expected at 0.2% vs. 0.1% previously.

USD/CAD – Last: 1.0599