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Forex Daily News: USD Drops on Renewed Risk Appetite

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar fell against most major currencies in Forex Trading, as U.S. private employers added more jobs than forecast in August. This helped to ease concerns of a slowing recovery in the world’s biggest economy and boosted investors’ risk appetite. Payrolls came out at -54k vs. -101k forecast. The NASDAQ and Dow Jones advanced by 1.53% and 1.24%, respectively. Crude oil weakened by 0.6%, closing at $74.60 a barrel, while Gold (XAU) declined by 0.2%, closing at $1251 an ounce. There is no news today, owing to bank holiday in the US.

EURO (EUR) – The Euro touched a two-week high versus the Dollar as overall U.S. employment declined by about half of the amount forecast, supporting higher yielding assets. As long as the rate is above the 1.2800 level, a long position is preferred and the momentum is bullish. The next resistance on the one hour chart is located at 1.2900 and the RSI indictor supports an uptrend, as well. Overall, EUR/USD traded with a low of 1.2808 and with a high of 1.2897. No major economic data is expected today.

EUR/USD – Last: 1.2888







British Pound (GBP) – The Pound fell for a fourth week against the Dollar, the longest run of losses since June. Reports showing that U.K. services grew at a slower pace and house prices have dropped fueled concern that the recovery will falter (PMI came at 51.3 vs. 53.0 forecast). The GBP/USD is still trading in a negative range and still trading below the 10 moving average on the daily chart. Therefore, the momentum is bearish and the next resistance level on the one hour chart is located at 1.5500. Overall, GBP/USD traded with a low of 1.5389 and with a high of 1.5468. No economic data is expected today.

GBP/USD - Last: 1.5467









Japanese Yen (JPY) –The Yen fell against major currencies as stock markets all over the world climbed after positive data from U.S. was released, leading the investors to sell safety assets. The main momentum of the USD/JPY is still strongly bearish, but in the last few days, the pair is fluctuating around the 84.0 level. The next support on the daily chart is located at 83.50, and if the price crosses this level, the trend will continue to be bearish. Overall, USD/JPY traded with a low of 84.16 and with a high of 85.22. No economic data is expected today.

USD/JPY-Last: 84.37








Canadian dollar (CAD) – The Canadian Dollar strengthened for the first week in a month versus the Dollar after a report showed U.S. employers added more private jobs than economists forecast, boosting stocks and brightening the outlook for trade between the two nations. As long the USD/CAD is below 1.0500 levels, a short position is preferred. The next support on the daily chart is located at 1.0350, and if the price crosses this level, the trend will continue to be bearish. Overall, USD/CAD traded with a low of 1.0365 and with a high of 1.0569. There is no news today, owing to a bank holiday in Canada.

USD/CAD - Last: 1.0396







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