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Forex Daily News: USD Sees Small Gains on JPY and CAD

Written by UFXBank Research Team
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USD Dollar (USD) – On Friday, the dollar finished with gains versus most of the major currencies as lack of confidence in the market pushed investors towards safety. The Stock Markets in the U.S. closed positive with the Dow Jones and NASDAQ rising by 0.46% and 0.28% respectively. Crude Oil jumped by 3% and closed at $76.40 a barrel. Gold (XAU) closed almost unchanged at $1246 an ounce. Today, The Federal Budget Balance is expected at -109B vs. -165B previously.

EURO (EUR) – On Friday, the euro finished the week lower against the Dollar after being unable to hold gains above 1.2740 and retraced to 1.27 zones. Concerns about the debt crisis may be worsening, and signs the global recovery is unstable, trimmed appetite for higher yield. The French Industrial Production came out at 0.9%, worse than an expected 0.8%. Holding above the support level of 1.2670 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.2673 and with a high of 1.2747. No economic data is expected today.

EUR/USD – Last: 1.2784








British Pound (GBP) – The Pound showed weakness on Friday versus the dollar and closed below 1.54 levels as the macro data showed that the PPI Input came out at -0.5%, worse than the expected 0.2%. Holding above the support level of 1.5380 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5354 and with a high of 1.5427. Today, The Nationwide Consumer Confidence report is expected at 59 vs. 56 previously. The RICS House Price Balance is expected at -11% vs. -8% previously.

GBP/USD - Last: 1.5400







Japanese Yen (JPY) – The dollar gained versus the Yen on a tight, narrow range of Forex trading. The pair made attempts to consolidate above the 84 levels as it was supported by easing concerns over a US double dip. Trading above the 84 level might shift the momentum to positive for the pair. Overall, USD/JPY traded with a low of 83.76 and with a high of 84.15. No major economic data is expected today.

USD/JPY-Last: 84.13 








Canadian dollar (CAD) – The U.S dollar gained versus the Canadian dollar on a tight and narrow range of trading, near the critical level of 1.0340. The Employment Change came out 35.8k, better than the expected 23.9k. The Unemployment Rate came out 8.1%, worse than the expected 8%. Holding below the 1.0340 resistance area might extend gains for the pair, but if otherwise, a rebound could be seen. Overall, USD/CAD traded with a low of 1.0308 and with a high of 1.0367. No economic data is expected today.

USD/CAD - Last: 1.0327







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