• Trade Now

Forex Daily News: June 28, 2010 - Dollar Weakens Against Major Currencies

Written by UFXBank Research Team
Rate this item
(0 votes)

US Dollar (USD) - The Dollar weakened against most major currencies after Friday’s Q1 U.S GDP revision was lower than expected at 2.7%, instead of 3.0%, indicating slower growth and decreasing the currency’s stability. NASDAQ  strengthened by 0.3% on Friday and Dow Jones weakened by -0.1% and S&P rose by 0.25%, concluding a negative week in U.S markets. Crude Oil rose by 3.1% to 78.86$ a barrel and Gold prices closed at 1256.2 per ounce (+0.85). G20 meetings took place in Canada over the weekend. In those meetings, finance ministers and bankers from 20 industrialized nations are meeting to decide on general policies regarding the global economy. Official press releases can impact the currency markets. Conclusions are planned to be published at the beginning of the week. Today, Personal Spending (0.1% forecast) and Personal Income (0.5% forecast) data is due to be released.


Euro (EUR) – the Euro strengthened on Friday against the USD for the 3rd day in a row, as the German Import Prices came out higher than expected, rising for the 8th consecutive month (0.6% VS 0.1% forecast).  The EUR/USD has been recovering the past couple of weeks, with a weekly high of 1.2467, also being a resistance for the uptrend. Breaking this level upwards will reinsure the pair’s movement towards a recovery in the short term. The main support remains at around 1.1876, the monthly low. On Friday, EUR/USD traded between 1.2253 and 1.2395, closing at 1.2375. No major economic data expected today.

EUR/USD – Last: 1.2379










British Pound (GBP) – The Pound strengthened against most major currencies on Friday Forex Trading, alongside the Euro’s recovery for the past week. The GBP/USD closed at 1.5060, after trading between 1.4855 and 1.5077. The next foreseen resistance on the daily chart is located in the 1.53 area, and the main support levels remain at 1.4450. The overall trend for the past weeks is upwards. No major economic data expected today.

GBP/USD – Last: 1.5059










Japanese Yen (JPY) – The Yen has been strengthening against major currencies for the past week, with the USD/JPY closing around the low of the day at 89.20 on Friday. Tokyo Core CPI was released on Friday showing a slower pace of declining consumer prices, indicating a moderating deflation. Japanese Retail Sales came out with 2.8% worse than 4.7% expected. The USD/JPY has been trading on Friday between 89.16 and 89.77. The main support on the daily chart is around 88.95, and the resistance remains above 91.5. Today, Household Spending is expected with 0.4% versus -0.7% prior. Prelim Industrial Production is expected with 0.1% versus 1.3% prior.

USD/JPY – Last: 89.37










Canadian Dollar (CAD) - The Canadian Dollar strengthened against the Dollar on Friday as Crude Oil, Canada’s largest export, prices rose by 3.1%. On the daily chart, USD/CAD has encountered a downtrend trend line from previous highs, and has a resistance at 1.0470. The support is at 1.0140 levels, and if the pair breaks it, the downtrend is likely to continue. On Friday, the pair was trading between 1.0340 and 1.0442. No major economic data expected today.

USD/CAD – Last: 1.0342










Add comment

Currency converter


Which is the Best Forex Broker you have traded with?

Interview 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.

2. What is your experience and professional background?

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.

3. What type of clients you deal with?

We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?

Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?

Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..

Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?

My advice to the beginning trader entering the Forex world is as follows:
  • Learn the market and understand what you’re getting into.
  • Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
  • Invest smartly and calculate your risks.
  • Always know when to get out of a trade.

Broker of the Month

5_small_logoUFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease.

By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.