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Forex Daily News: July 15, 2010 - GBP Makes Gains

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar weakened versus most majors in Forex Trading as FOMC’s minutes lowered GDP forecasts and awakened fears of deflation among investors, making the greenback less appealing as risk grows. Also, Retail Sales data came out lower than expected at -0.5% vs. -0.2%.  NASDAQ and Dow Jones rose by 0.35% and 0.04% respectively, crude oil declined by 0.54%, closing at 76.73$ a barrel, Gold (XAU) declined by 0.34% closing at 1207.9$ an ounce. Today, Initial Jobless Claims data is expected at 449K vs. 454K previous; Industrial Production data expected at 0.00% vs. 1.30% previous; Philadelphia Fed Manufacturing Index is expected at 10.0 vs. 8.0 previous.

EURO (EUR) – The Euro weakened slightly against most currencies while holding against the USD as the EU Industrial Production data fails expectations at 0.9% vs. 1.2% and CPI data coming out as expected. The EUR/USD has been trading upwards for the pass month with a clear technical uptrend, forming higher highs and higher lows, after breaking up another resistance at 1.2722. Unless obvious signs of a trend reversal appear, the direction remains upwards. Overall, EUR/USD traded with a low of 1.2681 and with a high of 1.2776, closing at 1.2740 gaining 0.14%. Today, the ECB Monthly Report is due to be published, giving out information on various economic issues as well as a growth outlook.

EUR/USD – Last: 1.2729

Resistance

1.2739

1.2778

Support

1.2682

1.2614

1.2551

British Pound (GBP) – The Pound rose versus the Dollar and all majors breaking up its resistance at 1.5242 as unemployment rate data came out better than expected with 7.8% vs. 7.9%. The GBP/USD is on a clear technical uptrend, and unless signs of a trend reversal appear, it remains up. Overall, GBP/USD traded with a low of 1.5169 and with a high of 1.5294. No important economic data for the Pound is expected today.

GBP/USD - Last: 1.5251

Resistance

1.5298

Support

1.5143

1.5078

1.4963

Japanese Yen (JPY) –The Yen has strengthened versus the Dollar on speculations for the BOJ rate decision and its press conference. The pair has retraced June’s drop and stopped at resistance levels around 89 price levels, where was previously a support on the daily chart and on Fibonacci 30% retracement levels. For now, it looks like the pair may continue its journey downward, unless it breaks the high at 89.14. Overall, USD/JPY traded with a low of 88.05 and with a high of 89.09. There is no important economic data expected for today.

 

USD/JPY-Last: 88.30

Resistance

88.37

88.86

89.15

Support

87.99

Canadian Dollar (CAD) – The Canadian Dollar dropped against the USD and all major currencies, as oil prices declined. Oil is Canada’s major export product and affecting the local currency accordingly. The long term direction in the pair is unclear and it’s mostly ranging for the past months. Looking for a short term reversal upwards is possible above 1.0385. Overall, USD/CAD traded with a low of 1.0284 and with a high of 1.0369. Today, Manufacturing Sales data is expected at 0.4% vs. 0.2% previous.

USD/CAD - Last: 1.0321

Resistance

1.0368

1.0387

1.0462

Support

1.0276

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