UFXBank Daily News: Crude Oil increases by 2.3%, Gold weakens by 1.40%

Posted by admin on October 19, 2011 under forex market | Be the First to Comment

USD Dollar (USD) – In forex trading, the US Dollar weakened against most major currencies after Germany and France said that they would boost the size of the European rescue fund. There was a positive close in the stock markets in the US following better than estimated results from Bank of America Corp, supporting higher yielding assets. Wall Street closed positive as the NASDAQ increased by 1.63% and the Dow Jones by 1.58% respectively. Crude Oil rose by 2.3%, the highest level in 4 weeks, closing at $88.34 a barrel. Gold (XAU) weakened by 1.40%, finishing at $1652.80 an ounce. Today, Building Permits are expected to reach 0.61M vs. 0.63M previously. The CPI is expected to be at 0.3% vs. 0.4% previously and the Core CPI is expected to remain at 0.2%. The Beige Book is expected to be released today.

Euro (EUR) – The Euro fluctuated against the US Dollar after Moody’s Investors Service cut Spain’s government bond ratings, fueling concern about the spread of the region’s debt crisis. The encouraging announcement from Germany and France about increasing the size of the aid package, led the pair to be volatile and bullish. In addition, the German ZEW Economic Sentiment came out worse than expected at -48.3 vs. -44.8 previously. The EUR/USD’s momentum continues to be bearish below the 1.3810 level, the next support level on the one hour chart is located at the 1.3680 level and breaking this level will probably cause the pair to decline toward the 1.3600 level. Overall, the EUR/USD traded with a low of 1.3652 and with a high of 1.3817. Today, the Current Account is expected at -7.3B vs.-12.9B previously.

EUR/USD – Last: 1.3798

British Pound (GBP) – The British Pound weakened versus the US Dollar, reversing an earlier gain, after inflation accelerated to match a record high in September. The CPI was released at 5.2% vs. 4.5% previously. The GBP\USD’s positive trend has been halted after breaking the1.5800 level and if the pair breaks up at the 1.5800 level, then the Pound will be bullish again. Overall, the GBP/USD traded with a low of 1.5631 and with a high of 1.5821. Today, the MPC Meeting Minutes are expected to be released.

GBP/USD – Last: 1.5737

Japanese Yen (JPY) – The Yen traded with a very narrow range against the US Dollar, remaining within the 76.50 – 77.50 level. As long as the pair remains between these levels the trend remains unclear. Overall, the USD/JPY traded with a low of 76.63 and with a high of 76.91. No economic news is expected to be published

USD/JPY- Last: 76.68

Canadian dollar (CAD)  – The Canadian Dollar rose against the US Dollar as stocks and Crude Oil, (Canada’s largest export), strengthened due to optimism on the market following the declaration by Germany and France.  As long as the pair is trading below the 1.0200 level, the US Dollar’s momentum is on hold. The Moving Average Indicator on the one hour chart supports a negative trend for the US Dollar and the next support level is located at the 1.0050 level. Overall, the USD/CAD traded with a low of 1.0111 and with a high of 1.0263. Today, the Leading Index is expected to rise from 0.0% to 0.2%.

USD/CAD – Last: 1.0118                                                               

UFXBank Daily News: GBP and Euro Rise against USD

Posted by admin on September 28, 2011 under forex market | Be the First to Comment

USD Dollar (USD) – In forex trading, the US Dollar declined against the major currencies amid optimism that European leaders are close to an agreement to contain the region’s debt crisis, damping demand for a refuge currency. In addition, the CB Consumer Confidence came out less than forecasted at 45.4 vs. 46.2 supporting a weak Dollar. Wall Street closed higher for a third day as the NASDAQ increased by 1.20% and the Dow Jones by 1.33% respectively. Crude oil jumped by 5.3% due to optimism in the stock markets and closed at $84.45 a barrel. Gold (XAU) rose by 3.6%, finishing at $1652.5 an ounce. Today, Core Durable Goods Orders are expected to decline from 0.8% to 0.1% and the Federal Chairman, Bernanke, will speak.

Euro (EUR) – The Euro gained for a third day against the US Dollar as German Chancellor Angela Merkel said her nation would help Greece meet the terms of its bailout agreement. Moreover, the Greek Prime Minister won support in parliament for an expansion in the region’s rescue fund, which also contributed the Euro’s gain. The EUR/USD’s momentum remains bearish as long as the pair is trading below the 1.3675 level, when the pair breaks the 1.3675 level, the Euro will become bullish again. The next support level on the one hour chart is located at the 1.3550 level. Overall, the EUR/USD traded with a low of 1.3479 and with a high of 1.3668. Today, the German Prelim CPI is expected to be at -0.1% vs. 0.0% previously.

EUR/USD – Last: 1.3555

British Pound (GBP) – The British Pound strengthened for the third day against the US Dollar as stock gains sapped appetite for the U.S. currency. As long as the GBP\USD is trading above the 1.5550 level, the British Pound’s trend continues to be positive and might rise further. The next resistance level on the one hour chart is at the 1.5750 level. Overall, the GBP/USD traded with a low of 1.5525 and with a high of 1.5705. No economic news needs to be published.

GBP/USD – Last: 1.5621

Japanese Yen (JPY) – The Yen weakened against most major pairs as risk appetite led investors to prefer higher yielding assets; the USD/JPY still struggles with the 76.50 – 77.00 level. As long as the pair remains 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 76.26 and with a high of 76.93. Today, Retail Sales are expected to decline from 0.6% to -0.6%.

USD/JPY – Last: 76.58

Canadian Dollar (CAD) – The Canadian Dollar strengthened against the US Dollar on speculation that Europe’s debt crisis is easing; crude oil’s strength contributed to the gain in the Canadian currency. As long as the pair is trading below the 1.0275 level, the US Dollar loses its bullish momentum. The Moving Average Indicator on the one hour chart supports a bearish trend. The next support on the one hour chart is located at the 1.0125 level. Overall, the USD/CAD traded with a low of 1.0143 and with a high of 1.0281. No economic data needs to be published.

USD/CAD – Last:  1.0256                                                                                                

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