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UFXBank Forex Outlook: Euro Strengthens as Irish Banks Accept Funding

Written by UFXBank Research Team
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USD Dollar (USD) – The dollar weakened against most of the major currencies in Forex trading despite positive economic data from last week. The fact that Irish leaders welcomed “substantial contingency capital funding” for Irish banks, finally gave some certainty to the market and saw the dollar weaken. The Stock Markets in the U.S. closed with the Dow Jones gaining by 0.20% and the NASDAQ increasing by 0.15%. Crude Oil weakened by 0.4% and closed at $81.51 a barrel. Gold (XAU) also fell by 0.1% and closed at $1352.30 an ounce. Today no economic data is expected.

Euro (EUR) – The Euro strengthened against the dollar as Brian Lenihan, the Irish finance minister, said he would welcome a “substantial contingency capital funding” mechanism for Irish banks and the French president volunteered to help the Irish country –who had accept the help . The German PPI came out 0.40% better than the expected 0.30%. With The pair returning to above the level of 1.3700 the trend is bullish and a long position is preferred. Overall, EUR/USD traded with a low of 1.3608 and with a high of 1.3744. Today, ECB President Trichet  is expected to speak and Consumer Confidence is expected at -10.00 vs. -11.00 prior.

EUR/USD – Last: 1.3753







British Pound (GBP) – The British Pound fell against the U.S dollar and returned to the 1.5900 area. As long as the GBP/USD remains below 1.6000, the trend seems to be negative and a short position is preferred. Overall, GBP/USD traded with a low of 1.5936 and with a high of 1.6094. No economic data is expected today.


GBP/USD - Last:  1.6009







Japanese Yen (JPY) – The Yen continued to weaken against the dollar as economic data from the US favored the Dollar over the Yen. Today’s gains puts the pair back on to its strong rally. Through the day, the pair traded in a tight range until breaking out at 83.40. Although the trend is still strongly bullish, the pair seems to constantly get caught in a range, capturing the breakout may be a preferred strategy. The All Industries Activity Index came out at -0.80%, worse than the expected -0.60%. With the pair trading above 83.00, a long position is advised. Overall, USD/JPY traded with a low of 83.37 and with a high of 83.52. No economic data is expected today.

USD/JPY-Last: 83.41









Canadian dollar (CAD) – The Canadian dollar strengthened against the U.S. dollar, despite the largest five day decrease in crude oil prices since August, which reduced demand for assets related to economic growth. The trend for the pair remains slightly bullish as long as the USD/CAD trades above 1.0150. Overall, USD/CAD traded with a low of 1.0156 and with a high of 1.0234. No economic data is expected today.


USD/CAD - Last: 1.0139








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