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Forex Daily News: July 6, 2010 - Oil Slips Below $72

Written by UFXBank Research Team
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USD Dollar (USD) – Independence Day in the US led the Dollar to advance in Forex Trading against major competitors as the market was characterized with low volatility and small moves. Stock Markets in the US were closed hence no change was posted in the NASDAQ or the Dow Jones. Crude Oil declined for a sixth day in a row closing below 72$ a barrel. Gold (XAU) declined and closed at 1208$ an ounce. Today, The ISM Non - Manufacturing Index is expected at 55 vs. 55.4 previously.

Euro (EUR) – The euro weakened against the Dollar while trading in a tight range. The Retail Sales came out 0.3% better than expected -0.1%. Breaking the support level of 1.2470 turns the momentum to negative for the pair. Overall, EUR/USD traded with a low of 1.2508 and with a high of 1.2563. No economic data is expected today.

EUR/USD – Last: 1.25

Resistance

1.2550

1.26

Support

1.2480

1.24

1.2350

British Pound (GBP) – The pound fell versus the Dollar after disappointing Service PMI data which came out 54.4 worse than expected 55.2. Breaking the support level of 1.5120 turns the momentum to negative for the pair. Overall, GBP/USD traded with a low of 1.5088 and with a high of 1.5202. Today, the Nationwide Consumer Confidence is expected at 64 vs. 65 previously.

GBP/USD - Last: 1.5125

Resistance

1.5140

1.5220 

Support

1.5070 

1.5 

Japanese Yen (JPY) – The Dollar saw moderate gains versus the Yen due to Independence Day in the US and the pair traded in a tight range. Breaching the 87.8 level will turn the momentum to positive for the pair. Overall, USD/JPY traded with a low of 87.61 and with a high of 87.98. No major economic data is expected today.

USD/JPY-Last: 87.55 

Resistance

88.3 

88.9

89.4

Support

87.5

87

Canadian dollar (CAD) – Canada's dollar weakened against the American Dollar for a second day as Crude Oil, Canada's biggest export also declined. . Trading above the support level of 1.0530 keeps the momentum positive for the pair. Overall, USD/CAD traded with a low of 1.0575 and with a high of 1.0675. Today, the Building Permits are expected at -0.4% vs. 5.4% previously.

USD/CAD-Last: 1.0656

Resistance

1.0670

Support

1.0580

1.0530

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