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Forex Daily News: August 30, 2010 - USD Gains on JPY

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar weakened against most of the majors in Forex Trading, as an improvement in the market pushed investors towards riskier assets. The Prelim GDP came out 1.6% better than the expected 1.4%. The Michigan Consumer Sentiment Index came out 68.9 worse than an expected 69.4. The NASDAQ and Dow Jones jumped sharply by 1.65% and 1.65% respectively after a negative opening. Crude Oil closed positive for a third day after it soared by 2.8% and closed at $75.53 a barrel. Gold (XAU) traded almost unchanged and closed at $1237 an ounce. Today, the Core PCE Price Index is expected at 0.1% vs. 0% previously. The Personal Spending is expected at 0.3% vs. 0% previously.

EURO (EUR) – The Euro advanced against the dollar after the Fed said that will be ready to take further recovery steps but only if the economy slows significantly which would bring investors to favor higher yielding assets. The German Prelim CPI came out 0% worse than an expected 0.2%. Holding above the support level of 1.2670 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.2675 and with a high of 1.2779. No economic data is expected today.

EUR/USD – Last: 1.2738

Resistance

1.2790

1.2830

Support

1.2680

1.26

British Pound (GBP) – The Pound gained against the dollar as the GDP came out 1.2% better than the expected 1.1%. The Prelim Business Investment came out -1.6% worse than an expected 2.3%. Holding above the support level of 1.5485 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5440 and with a high of 1.5541. Today, UK banks will be closed in observance of the Summer Bank Holiday;

GBP/USD - Last: 1.5528

Resistance

1.5540

1.5600

Support

1.5510

1.5480

1.5380

Japanese Yen (JPY) – The Yen, which weakened across the board, was affected by the change in market sentiment favoring riskier assets and also overbought conditions for the Japanese currency. Holding above the support level of 85.40 keeps the momentum positive for the pair. Overall, USD/JPY traded with a low of 84.26 and with a high of 85.75. Today, the Prelim Industrial Production is expected at -0.3% vs. -1.1% previously. The Retail Sales are expected at 3.1% vs. 3.3% previously.

USD/JPY-Last: 85.41

Resistance

85.30

85.90

Support

84.90

83.80

Canadian dollar (CAD) – Canada’s dollar gained for a third day versus the U.S dollar as the stock markets and Crude Oil gained, boosting demand for the commodity linked currency. Holding below the 1.0535 resistance level, might extend the decline in the pair. Overall, USD/CAD traded with a low of 1.0478 and with a high of 1.0646. Today, the Current Account is expected at -10.2B vs. -7.8B previously.

 

USD/CAD - Last: 1.0496

Resistance

1.0535

1.0620

1.0660

Support

1.0440

1.0380

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