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Article » Daily Forex News: June 30, 2010 – Recovery Concerns Boost the Dollar
Daily Forex News: June 30, 2010 – Recovery Concerns Boost the Dollar
Jun 30 2010, 03:51

USD Dollar (USD) – The Dollar advanced against the other majors in Forex trading after confidence among U.S. consumers sank in June more than forecast and Stocks plunged as the confidence data combined with conference board figures showing China’s economic outlook improved less than previously estimated, added to concern the global economy is slowing, leading the investors to sell risky assets. NASDAQ and Dow Jones fell by 3.85% and 2.65% respectively. Crude oil fell by -3.0% closing at 75.94$ a barrel, Gold (XAU) rose by 0.3% closing at 1242.4$ an ounce. Today, ADP Non-Farm Employment Change is expected to rise from 55k to 59K.

Euro (EUR) – The Euro tumbled to a 2-week low against the Dollar, amid market concerns ahead of Thursday’s expiration of a Euro zone refinancing program. The main support on the daily chart of the EUR/USD is located at 1.2120 levels, if it breaks this level the Euro is likely to decline sharply. Overall, EUR/USD traded with a low of 1.2151 and with a high of 1.2291. Today, German Unemployment Change is expected at -23k vs. -45k prior, CPI Flash Estimate is expected at 1.5% vs. 1.6% prior, ECB President Trichet Speaks. EUR/USD – Last: 1.2209

British Pound (GBP) – The Pound declined against the Dollar and extended its gains versus the Euro as fears that the global economic recovery is faltering continued. Mortgage Approvals came out worse than expected, leading the investors to sell the Pound versus the Dollar and the Yen. As long as the GBP/USD trades above 1.5000 the momentum is still bullish, the RSI and 10 moving average support an increased trend as well. GfK Consumer Confidence came out at -19 vs. -20 forecast. Overall, GBP/USD traded with a low of 1.5011 and with a high of 1.5119. Today, Nationwide HPI is expected at 0.3% versus 0.5% prior. GBP/USD - Last: 1.5060

Japanese Yen (JPY) –The Yen strengthened against all majors on speculation the global economic recovery will slow .The main resistance of the USD/JPY is at 89.50 and as long as it's trading below this level a short position is preferred, the next support is located at 88.00 level. Overall, USD/JPY traded with a low of 88.28 and with a high of 89.41. Today, Tankan Manufacturing Index is expected with -3 versus -14. USD/JPY-Last: 88.54

Canadian dollar (CAD) – The Canadian Dollar weakened to the lowest level in 3 weeks versus the Dollar as concern over Europe’s fiscal woes and signs of a global slowdown drove investors away from higher yielding assets like stocks and commodities. As long as the USD/CAD remains above 1.0500 a long position is preferred. Overall, USD/CAD traded with a low of 1.0342 and with a high of 1.0577. Today, GDP is expected at 0.2% vs. 0.6% prior. USD/CAD-Last: 1.0538

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with Matthew Sheppard
Senior Forex
Advisor at XForex

1. What is your name and position?
Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

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In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

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