USD Dollar (USD) – In forex trading, the US Dollar continued weakening versus all other major currencies as stocks and Commodities made advances following better than expected corporate earnings. Investors wait for the unveiling of the plan by European leaders to contain the debt crisis. Comments regarding progress made over the weekend summit helped stocks and higher yielding currencies keep their bullish momentum. Wall Street finished higher with the NASDAQ gaining by 2.35% and the Dow Jones by 0.89%. Crude oil gained by 0.41% and closed at $91.64 a barrel. Gold (XAU) gained slightly closing at $1,652 an ounce. Today, the CB Consumer Confidence is expected to be higher at 46.1.

Euro (EUR) – The Euro gained slightly versus the Dollar following positive comments from European leaders, saying there was substantial progress over the weekend summit. The efforts to resolve the European debt crisis fueled the market with optimism, which helped push up stocks and higher yielding currencies. Industrial New Orders came out stronger with 1.9% versus the 0.1% expected. The momentum of the EUR/USD is still bullish, facing resistance at the 1.3950 level, if this resistance will be breached the pair could rally strongly. The support level according to the daily chart is located at the 1.3670 level. Overall, the EUR/USD traded with a low of 1.3821 and with a high of 1.3953. Today, the Gfk German Consumer Climate is expected at 5.1.

EUR/USD – Last: 1.3910

British Pound (GBP) – The British Pound gained versus the US Dollar as demand for higher yielding assets rose following optimism regarding the European debt crisis and better than expected company earnings released in the US. The trend for the pair remains bullish if it maintains its support level of 1.5900, but if the pair breaks that support it may reach the 1.5430 level again. Overall, the GBP/USD traded with a low of 1.5899 and a high of 1.6007. Today, the Current Account is expected to show a deficit of -9.7B.

GBP/USD – Last: 1.5985

Japanese Yen (JPY) – The Yen continued gaining versus the US Dollar and weakening versus the other major currencies. Stronger demand for higher yielding assets followed better than expected earnings from companies and lowered demand for refuge currencies, like the Yen. The Trade Balance was better than expected due to a rise in exports, which pushed the Yen to its record high versus the Dollar. Technically, the USD/JPY is trading within a narrow range with no clear long term trend, but there are signs of narrowing down. The pair tried breaking below its support level of 76.00, but failed to remain below it. Today no major economic data is expected to come out from Japan.

USD/JPY – Last: 76.10

Canadian Dollar (CAD) – Canada’s Dollar rose versus the US Dollar as demand for higher yielding assets continues to grow over optimism in the market regarding upcoming solutions for the European debt crisis. Expansion in Chinese Manufacturing PMI helped the high yielding Canadian Dollar reach its highest level in a month, nearing equality with the Greenback. The trend for the pair remains bearish with a strong resistance level of 1.0250, according to the daily chart. The pair may start retracing, near the support level at 1.0010. Today, the BOC will release its interest rate decision which is expected to be unchanged at 1%.

USD/CAD – Last: 1.0030

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 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 strengthened against most major currencies as concern about Europe’s debt crisis overshadowed higher-than-estimated U.S. economic data. Treasury bonds rallied as the Federal Reserve bought longer-term debt. At the same time, the ISM Manufacturing PMI in the U.S. came out at 51.60 vs. the forecast 50.50. The ISM shows the economy is growing slowly, but not going into a recession. Wall Street closed negative as the NASDAQ fell by 3.29% and the Dow Jones declined by 2.36% due to high concern over the Greek debt crisis and Bank of America Corp. Crude oil fell by 2.68%, the lowest level in more than a year and closed at $76.20 a barrel on concern that Greece will default on debt payments, leading to slower global economic growth and lower fuel consumption. Gold (XAU) trade rose by 1.90%, closing at $1,661 an ounce. Today, Fed Chairman Bernanke is expected to speak and Factory Orders are expected to grow by 0.20% vs. 2.40% previously.

Euro (EUR)–The Euro fell to a 10-month low against the U.S Dollar and to more than a decade low against the Yen as risk aversion intensifies and stocks extend losses on Wall Street. In addition, the incoming European Central Bank President, Mario Draghi, said a lack of confidence may be among the reasons for lenders’ “funding problem”. 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 1.3162 and with a high of 1.3380. Today, ECB President Trichet is expected to speak.

EUR/USD – Last: 1.3195

British Pound (GBP) – The British Pound fell for a second day against the Greenback after traders judged a surprise expansion of U.K. manufacturing as insufficient to keep the Bank of England from providing further stimulus for the economy. 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 Halifax HPI is expected to grow by 0.30% vs. -1.20% previously and the Construction PMI is expected to show 51.70 vs. 52.60 previously.

GBP/USD – Last: 1.5430

Japanese Yen (JPY) – The US Dollar fell against the Japanese Yen after the Bank of Japan said today that its’ quarterly Tankan Index of Sentiment increased to 2 in September from minus 9 in June. 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 the most since October 2008 as Europe’s finance leaders prepared to weigh the risk of a Greek debt default. As a result Canadian stocks fell, led by energy companies and banks. The trend for the pair will continue to be 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 strengthened against most of the major currencies on concerns that global growth is slowing, boosting investors’ demand for currencies perceived as being the safest. It is important to notice that the US Dollar rally is an outcome of the fact which there really is no other choice for a safe haven currency. At the same time, consumer spending in the U.S. slowed in August as incomes unexpectedly dropped for the first time in almost two years. Wall Street closed negative as the NASDAQ fell by 2.63% and the Dow Jones declined by 2.16% as investors speculated that policy makers are doing too little to contain the European debt crisis. Crude oil fell by 0.95% and closed at $78.30 a barrel on signs of slowing growth in China, the U.S. and Germany heightened concern that demand for fuel will weaken. Gold (XAU) trade is unchanged, closing at $1,630 an ounce. Today, the ISM Manufacturing PMI is expected to show 50.50 vs. 50.60 previously.

Euro (EUR)–The Euro fell to a 10-month low against the U.S Dollar due to a decrease in risk aversion amidst high concern that European leaders won’t be able to contain the region’s debt crisis and that Greece may default on its debt. There is still high risk for the European economy despite the effort of the ECB to buy the bonds of Italy and Spain in order to stabilize the nations’ borrowing costs; as well as lending dollars to Euro-area banks, in coordination with the Fed and other central banks, to curb liquidity concerns. Trading below the resistance level of 1.3680 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 1.3330 and with a high of 1.3689. Today, no economic data is expected.

EUR/USD – Last: 1.3320

British Pound (GBP) – The British Pound fell against the Greenback after British Prime Minister Cameron said his government is determined to do everything it can within its deficit-reduction rules to restore growth in the U.K. economy. His words signaled to investors the option of lowering the interest rate in the future. The trend for the pair remains bearish if the pair 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 1.5531 and with a high of 1.5715. Today, the Manufacturing PMI is expected to decline to 48.9 vs. 49.0 previously.

GBP/USD – Last: 1.5530

Japanese Yen (JPY) – The US Dollar strengthened against the Yen due to expectations that the central bank of Japan will take “bold” action by purchasing Dollars in order to weaken the Yen and help exporters. Technically, trading above the 76.80 level will keep the trend bullish and the pair may test its resistance of 77.50. Today, no economic data is expected.

USD/JPY – Last: 77.00

Canadian Dollar (CAD)–The Canadian Dollar fell the most since October 2008 on concern that the global economy is sinking back into recession, which spurred a haven rally in the U.S. currency and dimmed the outlook for commodity prices. The currency, which is linked to commodities, lost ground on crude oil losses. The trend for the pair will continue to be bullish if the pair maintains its support level of 1.0350. Today, no economic data is expected.

USD/CAD – Last: 1.0520

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 level. Overall, the GBP/USD traded with a low of 1.5918 and with a high of 1.6039. Today, the Interest Rate decision is expected to remain unchanged at 0.50%.

GBP/USD – Last: 1.5958

Japanese Yen (JPY) –The Yen strengthened against the US Dollar after the Bank of Japan kept their monetary policy unchanged. A negative momentum of the Dollar also led the Yen to be more attractive. The USD/JPY’s trend is positive above the 77.00 level; when the pair breaks the 77.55 level a long position will be preferred. Overall, the USD/JPY traded with a low of 77.07 and with a high of 77.55. No economic data is expected today.

USD/JPY-Last: 77.37

Canadian dollar (CAD) – The Canadian Dollar gained the most in three weeks versus the US Dollar after the Bank of Canada said it expects growth to resume in the second half of 2011. In addition, the Bank of Canada kept its main interest rate unchanged at 1.00%.  As long as the pair is trading below the 0.9900 level the trend of the US Dollar is negative; the next support level on the one-hour chart is located at the 0.9800 level. Overall, the USD/CAD traded with a low of 0.9832 and with a high of 0.9909. Today, Building Permits are expected to decline from 2.1% to 0.2% and the Trade Balance is expected to be at -1.05B vs. 1.60B prior.

USD/CAD – Last: 0.9855

USD Dollar (USD) – In forex trading, the dollar strengthened against most of the major currencies due to an increase in demand for a safe haven currency and growing risk aversion among investors after the Swiss Central Bank imposed a ceiling on the currency’s exchange rate. Despite the Dollar’s own woes – economic and political – it remains the most widespread used fiat currency on the planet. Now, as the European crisis takes the stage for another act in the sovereign debt problem, a need for safety has emerged. In addition, the ISM Non-Manufacturing PMI expanded by 53.3 vs. the 51.20 forecasted, easing concern that the biggest part of the U.S. economy was slumping. The Stock Markets closed the week negative as the Dow Jones fell by 0.90% and the NASDAQ lost 0.26%. Crude oil jumped by 3.80% and closed at $86.45 a barrel as a drop in the US dollar – following Switzerland’s attempt to cap the value of its currency – made raw materials more attractive to investors. Gold (XAU) fell from a record by 1.36%, closing at $1,876 an ounce as some investors sold metal to make up for losses in the Swiss franc after the country’s Central Bank imposed a ceiling to the exchange rate. Today, the Beige Book is expected to be released.

Euro (EUR) – The Euro fell for a sixth day against the U.S. Dollar due to growing risk aversion among investors. The European Central Bank is expected to meet tomorrow. European economic data is underperforming by the most since March 2009 and it will probably effect the ECB decision. Trading below the resistance level of 1.4180 will keep the momentum negative for the pair, but if the pair breaks above this resistance level, it may reach to 1.4350 levels again. Overall, the EUR/USD traded with a low of 1.3971 and with a high of 1.4285. Today, the German Industrial Production is expected to grow by 0.60% vs. 1.10% previously.

EUR/USD – Last: 1.4030

British Pound (GBP) – The Pound fell to a seven-week low against the greenback after a report showed that U.K. retail sales dropped by 0.60%, boosting the case for further economic stimulus measures. Such an action will probably keep the British Pound weaker in the long-term against a broad spectrum of currencies. The trend for the pair remains bearish if the pair maintains the resistance level of 1.6200, but if the pair breaks that resistance it may reach 1.6320. Overall, the GBP/USD traded with a low of 1.5920 and with a high of 1.6208. Today, the Manufacturing Production is expected to grow by 0.10% vs. -0.40% previously.

GBP/USD – Last: 1.5980

Japanese Yen (JPY) – The US dollar strengthened against the Yen after yesterday’s move by the SNB to announce a floor of 1.2000 for the EUR/CHF pair prompted speculations that the BoJ may follow and announce a similar action. Trading above the support level of 77.20 will keep the trend bullish for this pair. Today, no economic data is expected.

USD/JPY-Last: 77.40

Swiss Franc (CHF) – The Swiss Franc dropped the most it ever has against the Euro and the US Dollar, after the Swiss Central Bank imposed a ceiling on the currency’s exchange rate and said it will defend the target with the “utmost determination.” The trend for the pair will continue to be bullish if the pair will maintain the support level of 0.8500. Today, no economic data is expected.

USD/CHF – Last: 0.8590

USD Dollar (USD) – In forex trading, the US dollar strengthened against most of the major currencies on speculation that European nations will struggle to contain the region’s debt crisis. This spurred demand for the world’s reserve currency. In addition, Payrolls were unchanged last month, the weakest reading since September 2010, after a gain of 85,000 in July that was less than initially estimated. This is further evidence that the economy is very close to stalling if not having stalled. The US jobless rate held at 9.1% as American employers became less confident in the strength of an economic recovery. The present economic condition spurred President Barack Obama to make plans to address a joint session of Congress on Sept. 8 to unveil economic proposals, including tax breaks to spur hiring and more spending on infrastructure. The Stock markets closed negative as the Dow Jones fell by 2.20% and the NASDAQ lost 2.58%. The main reason is because of Friday’s poor economic data. Crude oil fell for a second day by 3.4%, closing at $88.90 a barrel on concern that the U.S. and Chinese economies are weakening, which indicates that fuel demand will falter in the world’s two biggest crude-consuming nations. Gold (XAU) jumped by 3.20%, closing at $1,885 an ounce as concern about a global economic slowdown boosted demand for a haven. Today, no economic data is expected due to the Labor Day holiday.

Euro (EUR) – The Euro fell to a three-week low against the U.S. Dollar on concern that European nations will struggle to contain the region’s debt crisis. In addition, an election loss for German Chancellor Angela Merkel’s party in her home state added to concern that the opposition is growing to bailouts for debt-saddled European nations. Trading below the resistance level of 1.4240 will keep the momentum negative for the pair, but if the pair breaks above this resistance level, it may reach the 1.4350 levels again. Overall, the EUR/USD traded with a low of 1.4135 and with a high of 1.4314. Today, the Retail Sales are expected to decline from 0.7% to 0.1%.

EUR/USD – Last: 1.4170

British Pound (GBP) – The Pound fell against the greenback after the pair didn’t succeed to break the resistance level at 1.6250. The trend for the pair remains bearish if the pair maintains its resistance level of 1.6250, but if the pair will breaks that resistance, it may reach 1.6320. Overall, the GBP/USD traded with a low of 1.6131 and with a high of 1.6253. Today, the Services PMI is expected to come out at 54.3 vs. 55.4 previously.

GBP/USD – Last: 1.6170

Japanese Yen (JPY) – The Dollar strengthened a bit against the Yen after Minister Jun Azumi said yesterday on public broadcaster NHK’s “Sunday Debate” program that Japan will take decisive action against speculative moves in the foreign- exchange markets if needed. If the USD/JPY pair succeeds to break the resistance level of 77.20 it may bring the pair to the 78.00 resistances once again. Today, no economic data is expected.

USD/JPY-Last: 76.70

Canadian dollar (CAD) – The Canadian Dollar fell against its U.S. counterpart on concern that the global economy may lapse into another recession, dimming prospects for the nation’s export of raw materials. The trend for the pair will continue to be bullish if the pair maintains the support level of 0.9840. Today, Canadian banks will be closed in observance of Labor Day.

USD/CAD – Last: 0.9870

USD Dollar (USD) – In forex trading, the US dollar strengthened against most of the major currencies after the US credit rating was cut from AAA to AA+ by the S&P, even after President Obama’s speech. The markets in Asia opened with a big drop and the Australian dollar traded below the support level of 1.0000 after the market closed, and when Asian stocks dropped and the market was bearish. Investors are panicked and anxiously awaiting the European market to reopen today, in order to see how the US and Euro markets behave. Wall Street closed negative as the NASDAQ declined by 6.90% and Dow Jones dropped by 5.55%. Crude oil fell to $75.60 a barrel and Gold (XAU) jumped to $1,753 an ounce. Today, Nonfarm Productivity is expected at -0.60% vs. 1.80% previously and the Interest Rate decision is expected to remain the same at 0.25%. The FOMC statement is expected today.

Euro (EUR) – The Euro fell against the US dollar to 1.4128 and rebounded to 1.4218 during the Asian market period. The EUR/USD’s momentum is bearish below the 1.4300 level and the next support level on the daily chart is at 1.4000. Overall, the EUR/USD pair traded with a low of 1.4128 and with a high of 1.4228. Today, the German Trade Balance is expected at 11.50B vs. 12.80B previously.

EUR/USD – Last: 1.4223

British Pound (GBP) – The Pound fell against the US Dollar as the dollar strengthened against most other major currencies on concerns that the American economy is declining. As long as the GBP/USD pair is trading below the 1.6350 level, the trend of the Pound is bearish. The next support level on the one hour chart is at 1.6200. The Moving Average Indicator supports a downward trend as well. Overall, the GBP/USD pair traded with a low of 1.6297 and with a high of 1.6336. Today, the Trade Balance is expected at -8.20B vs. -8.50B previously. Industrial Production is expected at 0.40% vs. 0.90 previously and the Manufacturing Production is expected at 0.20% vs. 1.80% as it was before.

GBP/USD – Last: 1.6310

Japanese Yen (JPY) –The Yen strengthened against the U.S Dollar as concern about a U.S. economic slowdown and the euro-region’s debt crisis spurred demand for the Yen. The main trend of the USD/JPY is bearish and as long as the pair is trading below 77.50, the Yen is more attractive and a short position is preferred. Overall, USD/JPY traded with a low of 77.04 and with a high of 77.84. Today, the Tertiary Industry Activity Index is expected at 1.10% vs. 0.90% previously.

USD/JPY-Last: 77.17

Canadian dollar (CAD) – The Canadian dollar fell against the US Dollar as Crude oil dropped to $75 a barrel.  As long as the pair is trading above 0.9950, a long position is preferred. Overall, USD/CAD traded with a low of 0.9911 and with a high of 0.9997. Today, the Housing Starts are expected at 195K vs. 201K previously.

USD/CAD – Last: 0.9977