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Forex Daily News: July 12, 2010 - USD Makes Small Gains

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar strengthened versus most majors on a low volume Forex trading session as growth concerns continued to concern investors. NASDAQ and Dow Jones advanced by 0.97% and 0.58% respectively, Crude oil rose by 0.9% closing at 76.09$ a barrel, Gold (XAU) strengthened  by 1.2% closing at 1208.8$ an ounce. Today, Fed Chairman Bernanke will speak in Washington.

EURO (EUR) – The Euro weakened slightly versus the Dollar after climbing to an 8 week high during the session as European Central Bank President Jean Claude Trichet said the economic recovery is gathering momentum. The EUR/USD has been trading upwards since last week and has broken its resistance levels on the daily chart at 1.2500, therefore the momentum is bullish and As long as the price is above 1.2500 a long position is preferred. The 10 period daily moving averages support a long trend as well. Overall, EUR/USD traded with a low of 1.2608 and with a high of 1.2722. No economic data expected today.

EUR/USD – Last: 1.2595







British Pound (GBP) – The Pound weakened versus the Dollar after U.K. producer prices fell 0.3% in June, supported a weaker Pound, PPI came out at -0.2% vs. 0.1% forecast. The GBP/USD has a strong resistance line on the daily graph at 1.5260 which it wasn’t able to break for the last couple of days, the support line is located at 1.5000 if it breaks this level a short position is preferred .Overall, GBP/USD traded with a low of 1.5050 and with a high of 1.5205. Today, Final GDP is expected to be like the previous one at 0.3%.

GBP/USD - Last: 1.5024







Japanese Yen (JPY) –The Yen traded near a 2 week low against the Dollar and 3 weeks low against the Euro as stocks gained on signs the global economy will weather Europe’s debt crisis, damping demand for the relative safety of Japan’s currency. The main resistance of the USD/JPY is at 89.20 as long it's trading below this level a short position is preferred, if it breaks this level the trend will be upwards. Overall, USD/JPY traded with a low of 88.37 and with a high of 88.70. No economic data expected today.

USD/JPY-Last: 89.10








Canadian dollar (CAD) – The Canadian Dollar strengthened against the Dollar for a fourth day, rising to the highest level this month, after a government report showed the country’s job losses since 2008 have been restored. Employment Change came out at 93.2K vs. 17.9K forecast. As long the USD/CAD below 1.0500 levels a short position is preferred, the momentum in the last few days is clearly bearish. Overall, USD/CAD traded with a low of 1.0296 and with a high of 1.0455. Today, BOC Business Outlook Survey will be released.

USD/CAD - Last: 1.0315








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