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Forex Daily News: June 25, 2010 - Euro Continues Rise Against Dollar

Written by UFXBank Research Team
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USD Dollar (USD) – The dollar traded mixed against the major currencies with favor to risk aversion after the Core Durable Goods Orders came out 0.9% worse than expected 1.1% and the Initial Jobless Claims came out 457K better than expected 460K. The Stock markets declined with NASDAQ decreasing -1.63% and Dow Jones fell by -1.41%. Crude Oil climbed back a little closing at 76.5$ a barrel. Gold (XAU) appreciated closing at 1,243$ an ounce. Today, the GDP is expected unchanged at 3% and the Michigan Consumer Sentiment Index is expected at 75.3 vs. 75.5 previously.

EURO (EUR) – The Euro rose against the dollar in Forex Trading reaching the 1.24 zone but couldn't hold the gains and retraced back to 1.2330 zones. The Industrial New Orders came out 0.9% worse than expected 1.6%.  Overall, EUR/USD traded with a low of 1.2259 and a high of 1.2387. Holding above the support level of 1.2270 levels keeps the momentum positive for the pair. No major economic data is expected today.

EUR/USD - Last:  1.2330

Resistance

1.2360

1.24

Support

1.2270

1.2220

 

British Pound (GBP) – The Pound rose against the dollar and reached fresh 6 week high around 1.5 zones but once again was rejected from this area and retreated back to 1.49 zones. Overall, GBP/USD traded with a low of 1.4913 and a high of 1.5010. Holding above the support level of 1.4880 levels keeps the momentum positive for the pair. No economic data is expected today.

GBP/USD - Last:  1.4945

Resistance

1.5

Support

1.4920

1.4880

1.48

 

Japanese Yen (JPY) – The yen gained against the dollar and other counterparts as signs the global economic recovery is slowing fueled demand for the safest currencies. The Tokyo Core CPI came out -1.3% better than expected -1.5%. Overall, USD/JPY traded with a low of 89.21 and a high of 89.96. Breaking the 89.70 level might extend the downtrend of the pair. No economic data is expected today.

USD/JPY-Last: 89.55

Resistance

89.7

90.25

90.7

Support

89.2

 

Canadian Dollar (CAD) – Canada’s dollar fell for a fourth day as stock markets declined as concern the global economic recovery is unstable yet. Overall, USD/CAD traded with a low of 1.0371 and a high of 1.0467. Holding above the support level of 1.0330 levels keeps the momentum positive for the pair. No economic data is expected today.

USD/CAD - Last:  1.0420

 

Resistance

1.0470

1.0520

Support

1.0330

1.0250