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Forex Daily News: August 5, 2010 - USD Makes a Small Rebound

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar traded mixed against the major currencies after the ADP Non-Farm Employment Change came out 42k better than the expected 25k. The Stock Markets in US reacted positively to the data with Dow Jones gaining 0.41% and the NASDAQ appreciating by 0.88%. Crude Oil closed almost unchanged from yesterday at $82.42 a barrel. Gold (XAU) touched once again the known level of $1200 an ounce after 6 consecutive days of climbing and closed nearly below. Today, The Initial Jobless Claims are expected at 455k vs. 457k previously.

EURO (EUR) – The Euro weakened against the dollar in Forex Trading after a better than expected US ADP data came out, which supported the dollar. Retail Sales came out unchanged as expected at 0%. The momentum might turn to negative if the pair will break below the support level of 1.3130. Overall, EUR/USD traded with a low of 1.3130 and with a high of 1.3239. Today, the German Factory Orders are expected at 1.5% vs. -0.5% previously. The Interest Rate Decision is expected unchanged at 1%.

EUR/USD – Last: 1.3150







British Pound (GBP) – The Pound weakened against the dollar after it climbed 9 days consecutively as the Services PMI report showed that U.K. services growth slowed to the lowest in 13 months in July as it came out 53.1 worse than an expected 54.5. The momentum might turn to negative if the pair will break below the support level of 1.5850. Overall, GBP/USD traded with a low of 1.5854 and with a high of 1.5962. Today, the Interest Rate Decision is expected unchanged at 0.5%.

GBP/USD - Last: 1.5880







Japanese Yen (JPY) – The dollar touched a new low against the yen at 85.3 levels but soon after jumped above the 86 levels. The momentum might turn to positive if the pair will not break below the support level of 85.30. Overall, USD/JPY traded with a low of 85.31 and with a high of 86.37. No economic data expected today.

USD/JPY-Last: 86.04







Canadian dollar (CAD) – The Canadian Dollar reached a new high since May vs. the American dollar as risk aversion among investors is not attractive. The high price of Crude Oil supports the Canadian Dollar’s strength. Breaking below the support level of 1.0130 might extend the negative trend of the pair. Overall, USD/CAD traded with a low of 1.0162 and with a high of 1.0270. Today, the Building Permits report is expected at 0.6% vs. -10.8% previously.

USD/CAD - Last: 1.0171







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