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Article » Forex Daily News: July 26, 2010 - Dollar Finishes on Mixed Trend
Forex Daily News: July 26, 2010 - Dollar Finishes on Mixed Trend
Jul 26 2010, 02:50

USD Dollar (USD) – The Dollar finished last week with a mixed trend against the majors as investors ignored fundamental guidance, which puts pressure on the greenback, in favor of waiting for the bigger picture to become clearer. Economic data and earnings for the past week were unpleasing, but as risk factors around the world grow, speculations on the currency’s trend grow as well. NASDAQ and Dow Jones rose by 1.05% and 0.99% respectively, crude oil declined by 0.48% closing at 78.84$ a barrel, Gold (XAU) declined by 0.48% as well, closing  at 1188.85$ an ounce. Today, New home Sales data is expected at 317K vs. 300K previous.

EURO (EUR) – The Euro strengthened slightly versus the Dollar and most majors in Forex Trading, approaching monthly highs again as EU stress tests showed relative stability and resistance of the banking system. Together with better than expected economic data coming out, investors regain confidence in Europe’s chances to avoid a double dip recession after all. German ifo Business Climate came out at 106.2 vs. 101.5 expected. The main resistance of the EUR/USD on the daily chart is 1.3030, and the daily trend remains up. A break above this resistance will indicate its continuation. The main support is located around 1.2700. Overall, EUR/USD traded with a low of 1.2792 and with a high of 1.2964. No economic data is due for today on the Euro. EUR/USD – Last: 1.2927

British Pound (GBP) – The Pound rose against the Dollar and all majors after the Prelim GDP came out bigger than expected at 1.1% vs. 0.6% alongside encouraging sentiment from the EU region giving tailwind. The trend for the GBP/USD remains bullish, with the next resistance ahead at 1.55 levels. Breaking those levels up will be the trend’s real test this week. Until technical signs of reversal downwards appear, the momentum is positive, as it has been for weeks. Overall, GBP/USD traded with a low of 1.5250 and with a high of 1.5447. No important economic data is expected today for the Pound. GBP/USD - Last: 1.5458

Japanese Yen (JPY) –The Yen weakened versus majors after speculation among investors that the BoJ will ease monetary policy rises, and as risk appetite grows around the world. Trade Balance came out at 0.46T vs. 0.54T expected. The daily trend of the pair remains bearish, with a support at 86.25. The pair has been trading close to record a low price, which makes one look out for a possible break down. Overall, USD/JPY traded with a low of 86.71 and with a high of 87.49. No more economic data is expected today. USD/JPY-Last: 87.62

Canadian dollar (CAD) – The Canadian Dollar rallied against most currencies as Canadian overnight interest rates rose to 0.75% last week, making Canada the first G-7 country to raise its rates in June. Policy makers stated they expect Canada’s economic activity to return to full capacity by the end of next year. The pairs key support levels are located around 1.0350 levels on the hourly chart, and current price levels are facing 200- day SMA support. Overall, USD/CAD traded with a low of 1.0345 and with a high of 1.0437. no economic data is expected for today. USD/CAD - Last: 1.0367

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Senior Forex
Advisor at XForex

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