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UFXBank Forex Outlook: USD Fighting Back Against EUR

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar gained against most of the major currencies in Forex Trading after the Initial Jobless Claims came out 465k worse than expected 450k. The Existing Home Sales came out 4.13M better than expected 4.04M and trimmed part of the dollar gains. Stock Markets closed negative with Dow Jones losing -0.72% and NASDAQ fell by -0.32%. Crude Oil gained 0.6% and closed at 75$ a barrel. Gold (XAU) closed another positive day adding 0.3% and closed at 1292$ an ounce. Today, the Core Durable Goods are expected at 0.7% vs. -3.7% previously. The New Home Sales are expected at 290k vs. 276k previously.

EURO (EUR) – The Euro fell against the dollar after the macro data showed that the German Manufacturing PMI came out 55.3 worse than expected 57.8 and the Manufacturing PMI came out 53.6 also worse than expected 54.6. Holding above the 1.3240 support level keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3285 and with a high of 1.3414. Today, the German Ifo Business Climate Index is expected at 106.3 vs. 106.7 previously.

EUR/USD – Last: 1.3333

Resistance

1.3360

1.3440

Support

1.3305

1.3240


British Pound (GBP) – The Pound posted small gains against the dollar with another failed attempt to breach the 1.5730 resistance level and retreated again below the 1.57 zone. The BBA Mortgage Approvals came out 31.8K worse than expected 32.3k. Holding above the 1.56 support level keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5610 and with a high of 1.5740. No economic data is expected today.

GBP/USD - Last: 1.5670

Resistance

1.57

1.5730

Support

1.5600

1.5500


Japanese Yen (JPY) – The USD/JPY pair traded in very tight range fluctuating between the support level at 84.30 and bouncing to 84.70 resistances area as the banks in Japan were closed. Trading above the support level of 83.80 keeps the momentum positive for the pair. Overall, USD/JPY traded with a low of 84.25 and with a high of 84.66. No economic data is expected today.

USD/JPY-Last: 85.20

Resistance

85.25

85.90 


Support

84.70

84.30

Canadian dollar (CAD) – The U.S. dollar gained against Canada's dollar as reports in Europe and U.S. added to risk aversion of investors on concern of the stability of the global economic recovery. Breaching the 1.0350 resistance level might push the pair higher. Overall, USD/CAD traded with a low of 1.0283 and with a high of 1.0377. No economic data is expected today.

USD/CAD - Last: 1.0330

Resistance

1.0320

1.0350

1.0400

Support

1.0270

1.0220

 

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