UFXBank Daily News: The Euro and GBP weaken against the USD

Posted by admin on October 18, 2011 under forex market | Be the First to Comment

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

UFXBank Daily News: Black Gold Jumps by 2.3% due to Positive Stocks Trend

Posted by admin on September 14, 2011 under forex market | Be the First to Comment

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

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