UFXBank Daily News: USD Rises Against All Other Majors

Posted by admin on September 12, 2011 under forex market | Be the First to Comment

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

UFXBank Daily News: Crude Oil Jumps by 3.9% & Gold Declines by 2.9%

Posted by admin on September 8, 2011 under forex market | Be the First to Comment

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

UFXBank Daily News: Yen Weakens Against USD; at Nearly 77

Posted by admin on September 1, 2011 under forex market | Be the First to Comment

USD Dollar (USD) – In forex trading, the US Dollar strengthened against the other major currencies after the ADP Nonfarm Employment Change came out at 91K, worse than the expected 109K, which made investors prefer the dollar as a safe haven. The US Stock Markets closed positive sending the Dow Jones to rise by 0.46% and the NASDAQ to gain 0.13%. Crude oil fell by 0.1% and closed at $88.81 a barrel. Gold (XAU) is once again trading above the 1800 area, increased by 0.1% and closed at $1,831.70 an ounce. Today, the Initial Jobless Claims are expected to come out at 409K vs. 417K previously and the ISM Manufacturing Index is expected at 48.50 vs. 50.90 previously.

Euro (EUR) – The Euro fell against the US Dollar after the Unemployment Rate came out 10% worse than the expected 9.90%. Breaking the support area of 1.4350 might push the pair lower down the 1.4270 zones, otherwise a rebound back to the 1.4440 levels is possible. Overall, the EUR/USD traded with a low of 1.4356 and with a high of 1.4468. Today, the German GDP is expected to stay at 0.10% and the Manufacturing PMI is also expected to stay at 49.70.

EUR/USD – Last: 1.4370

British Pound (GBP) – The Pound fell against the US Dollar after it failed to breach the resistance level of 1.6330. Breaking the support area of 1.6200 might push the pair lower to the 1.6130 zones; otherwise a rebound back to the 1.6480 levels is possible. Overall, the GBP/USD traded with a low of 1.6229 and with a high of 1.6333. Today, the Manufacturing PMI is expected at 49.50 vs. 49.10 previously.

GBP/USD – Last: 1.6281

Japanese Yen (JPY) – The Yen weakened against the US Dollar, reaching the high of the tunnel at nearly 77.00. If the pair doesn’t break this resistance level, it might fall again to 76.00 areas. Not much is expected from this pair as it capped in a tight range for more than a fortnight and unless we see the pair breaking the 76.00 lows or breaching above the 77.00 highs, we might expect this pair to hold this range for another extended period. Overall, the USD/JPY traded with a low of 76.55 and with a high of 76.91. No economic data is expected today.

USD/JPY-Last: 76.80

Canadian dollar (CAD) – The Canadian Dollar fell against the US Dollar even though Black Gold posted significant gains on speculation that U.S. policy makers will support the economy if it deteriorates. The GDP came out at 0.20% better than the expected 0.10%. Breaking the critical support level of 0.9770 might extend the pair’s decline. Overall, USD/CAD traded with a low of 0.9774 and with a high of 0.9785. Today, no data is expected.

USD/CAD – Last: 0.9772