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Forex Daily News: July 28, 2010 - Euro and Pound Rising

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar strengthened against most currencies in Forex Trading, except for the Euro and the British Pound after Consumer Confidence came out lower than expected at 50.40 vs. 51.00 and Home Price Indices rose more than expected (4.6% vs. 4.0%). The NASDAQ declined by 0.36% and the Dow Jones rose by 0.12%. Crude oil dropped by 2.32% closing at $77.04 a barrel, Gold (XAU) declined by 1.84%, closing at $1161.4 an ounce. Today, Durable Goods Orders data, Crude oil inventories data and the beige book are expected to be published, all affecting the Greenback.

EURO (EUR) – The Euro rose versus most majors, except the GBP, breaking up the monthly highs versus the USD, but closing beneath them almost unchanged. Encouraging economic data, including better- than- expected German Consumer Confidence (3.9 vs. 3.6), keeps pushing the pair to new highs. The Pair continues to move upwards on a clear uptrend, but is now at important resistance price levels, and a reversal downwards becomes more and more anticipated. Overall, EUR/USD traded with a low of 1.2951 and with a high of 1.3044. Today, German CPI is expected at 0.3% vs. 0.1% previous.

EUR/USD – Last: 1.3002








British Pound (GBP) – The Pound rallied for the fourth day against the Dollar and all majors, breaking resistance in a clear path upwards. The Pound got its boost up from a rarely affecting indicator of CBI’s distributive trends report (retail activity reading), which exceeded expectations by far with the highest reading since April 2007. The pair is on a very strong trend up and, until technical signs of reversal downwards appear, the momentum is positive and short positions might be risky in the long run. Overall, GBP/USD traded with a low of 1.5441 and with a high of 1.5597. Today, BoE Gov. King is expected to make a speech.

GBP/USD - Last: 1.5595







Japanese Yen (JPY) –The Yen weakened versus the dollar and all majors as the Japanese government called ministries to cut 10% of their budget, indicating low interest rates for a longer period. The daily trend of the pair remains bearish, with a support at 86.25. A strong break down is not unreasonable in the weeks to come and could become a shorting opportunity. Overall, USD/JPY traded with a low of 86.81 and with a high of 87.95. No economic data is expected today for the Yen.

USD/JPY-Last: 87.85







Canadian dollar (CAD) – The Canadian Dollar weakened against the U.S Dollar and all majors as oil prices dropped rapidly. Oil is one of Canada’s most valuable export products, and rapid changes in its price affect the currency. The pair reversed around important support levels on the daily chart and a retracement up is possible for the days to come. Overall, USD/CAD traded with a low of 1.0254 and with a high of 1.0393. No economic data is expected for today.

USD/CAD - Last: 1.0347







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