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Forex Daily News: Euro Jumps vs. Dollar

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar fell across the board against major rivals in Forex Trading, as risk appetite led the market. The Federal Budget Balance came out at -90.5B, better than the expected -109B. The Stock Markets in U.S. closed positive with the Dow Jones and NASDAQ rising by 0.78% and 1.93% respectively. Crude Oil kept moving up for another day, adding 1% and closing at $77.20 a barrel. Gold (XAU) traded almost unchanged and closed at $1245.30 an ounce. Today, the Core Retail Sales are expected at 0.3% vs. 0.2% previously and the Retail Sales are expected at 0.3% vs. 0.4% previously.

EURO (EUR) – The Euro soared against the dollar as Chinese industrial production and retail sales added to signs the global recovery is gaining momentum, and in turn, decreasing demand for safer assets. Holding above the support level of 1.2780 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.2677 and with a high of 1.2891. Today, The German ZEW Economic Sentiment is expected at 11.3 vs. 14 previously. The Industrial Production report is expected at 0.2% vs. -0.1%.

EUR/USD – Last: 1.2877

Resistance

1.2880

1.2920

Support

1.2830

1.2780

British Pound (GBP) – The Sterling gained against the dollar as it had another attempt to breach the resistance level at 1.5485, but failed once again, falling back to trade near the 1.54 zones. The Nationwide Consumer Confidence report came out at 61, better than the expected 59. The RICS House Price Balance came out at -32%, worse than the expected -11%. Holding above the support level of 1.5380 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5344 and with a high of 1.5486. Today, the CPI is expected at 2.9% vs. 3.1% previously and the Core CPI is expected unchanged at 2.6%.

GBP/USD - Last: 1.5404

Resistance

1.5430

1.5485

Support

1.5345

1.53

Japanese Yen (JPY) – The Yen gained against the dollar as the pair reached a new fresh low at 83.23 on speculation that a party vote today will leave the Prime Minister beating out his rival. This reduces the probability that the government will intervene to weaken the Japanese currency. Breaking the 83.30 support level might push the pair lower to even newer lows. Overall, USD/JPY traded with a low of 83.23 and with a high of 84.41. No economic data is expected today.

USD/JPY-Last: 83.36 

Resistance

83.60

84.00

84.40

Support

83.30

 

Canadian dollar (CAD) – Canada's dollar gained versus the U.S. dollar as investors demand for commodity linked currency rose on optimism about growth in the U.S. and China economies. Holding below the 1.0340 resistance area keeps the momentum negative for the pair. Overall, USD/CAD traded with a low of 1.0264 and with a high of 1.0349. Today, the Labor Productivity report is expected at 0.9% vs. 0.8% previously.

USD/CAD - Last: 1.0287

Resistance

1.0300

1.0340

1.0400

Support

1.0265

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