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NEW YORK
16:16
LONDON
21:16
PARIS
22:16
FRANKFURT
22:16
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03:16
TOKYO
05:16
SYDNEY
06:16
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UFXBank Forex Outlook: Dollar Rises on Euro Troubles

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar gained against the major currencies in Forex trading as euro-zone concerns remained in focus, leading investors towards risk aversion. The Stock Market in the U.S. closed negative as the Dow Jones decreased by -0.36% and the NASDAQ lost -0.37%. Crude Oil soared by 2.4%, closing at $85.70 a barrel. Gold (XAU) posted small gains of 0.3% and closed at $1366 an ounce. Today, The Chicago PMI is expected at 59.8 vs. 60.60 previously. The CB Consumer Confidence is expected at 52 vs. 50.2 previously. FED Chairman Bernanke is also expected to speak.

Euro (EUR) – The Euro fell to a fresh 2 month low against the dollar on concerns that Portugal and Spain will follow Ireland’s lead, hence investors moved to sell the European currency. Holding above the support level of 1.3050 might push the pair upwards as oversold conditions are seen in the pair. Overall, EUR/USD traded with a low of 1.3063 and with a high of 1.3354. Today, The German Unemployment Change is expected at -20k vs. -3k previously. The CPI is expected unchanged at 1.9%. The Unemployment rate is expected unchanged at 10.1%. ECB President Trichet’s speech is also expected.

EUR/USD – Last:  1.3084

Resistance

1.3150

1.3200

1.3300

Support

1.3060

British Pound (GBP) – The Pound slightly weakened against the dollar, but is still fluctuating around the support area of 1.5550. The British currency has also been affected by the events in the euro zone. The Net Lending to Individuals came out at 1.3B, better than the expected 0.8B. The GfK Consumer Confidence came out at -21, worse than the expected -19. Holding above the support level of 1.5550 might push the pair upwards as oversold conditions are seen in the pair. Overall, GBP/USD traded with a low of 1.5526 and with a high of 1.5646. No economic data is expected today.

GBP/USD - Last: 1.5535

Resistance

1.5580

1.5640

1.5730

Support

1.5525

Japanese Yen (JPY) – The Dollar is gathering more power against the Yen on a quiet session in the pair. The Unemployment rate came out at 5.1% worse than the expected 5%. The Prelim Industrial Production came out at -1.8%, better than the expected -2.6%. Holding above the 84.2 support level might push the pair to strengthen further. Overall, USD/JPY traded with a low of 83.75 and with a high of 84.39. No economic data is expected today.

USD/JPY-Last: 84.10

Resistance

84.20

84.40

Support

83.80

83.55

83.25

 

Canadian dollar (CAD) – Canada's dollar gained against the U.S. Dollar as Crude Oil, the nation’s biggest export, jumped more than 2% to a 2 week high level. The Current Account index came out at -17.5B, worse than the expected -15.2B. Breaching the 1.0240 resistance level might rebound the pair and push it upwards. Overall, USD/CAD traded with a low of 1.0142 and with a high of 1.0256. Today, the GDP is expected at 0.1% vs. 0.3% previously.

USD/CAD - Last: 1.0198

Resistance

1.0260



Support

1.0160

1.0080

1.0030

 

 

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