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UFXBank Forex Outlook: EUR/USD on 8-Month High

Written by UFXBank Research Team
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USD Dollar (USD) – The dollar fell across the board on speculation that the FED will keep purchases of government debt. The ISM Non-Manufacturing Index came out at 53.2, better than the expected 51.8. The Stock Markets in the U.S. soared with the Dow Jones adding 1.8% and NASDAQ rising by 2.36%. Crude Oil jumped by more than 1.5%, closing at $82.70 a barrel. Gold (XAU) reached another record high as it jumped by 1.8% and closed at $1340 an ounce. Today, the ADP Nonfarm Employment Change is expected at 18k vs. -10k previously.

EURO (EUR) – The euro reached fresh 8 month high levels versus the dollar after it breached the 1.38 resistance area, despite worse than expected Retail Sales data which came out at -0.4%, worse than the expected 0.2%. Trading above the 1.3770 support level might extend the bullish momentum in the pair. Overall, EUR/USD traded with low of 1.3636 and with a high of 1.3858. Today, The GDP is expected unchanged at 1%. The German Factory Orders are expected at 0.9% vs. -2.2% previously.

EUR/USD – Last: 1.3840







British Pound (GBP) – The Pound gained versus the dollar in Forex trading as the Services PMI data came out at 52.8, better than an expected 51.2. The Sterling continues to trade in a range despite dollar weakness across the board. Trading above the 1.5880 support level might extend the bullish momentum in the pair. Overall, GBP/USD traded with a low of 1.5750 and high of 1.5928. No economic data is expected today.

GBP/USD - Last: 1.5909







Japanese Yen (JPY) – The Yen gained versus the dollar and for a short period, the pair broke below the 83 level on speculation that BOJ will avoid intervening in the market, as they did 3 weeks ago. The interest rate decision came out at 0%, slightly lower than the expected 0.1%. The USD/JPY has broken the support level that it had at 84.20 levels and therefore, the momentum is negative again for the dollar. Overall, USD/JPY traded with a low of 82.94 and with a high of 83.97. No economic data is expected today.

USD/JPY-Last: 83.15







Canadian dollar (CAD) – Canada’s dollar gained against the U.S. dollar following the trend of the dollar's weakness in the market, supported by a rise in Stocks and Crude Oil prices. The pair is back to trade below the 1.02 zone reaching 2 month lows for the pair. Trading below the resistance level of 1.0220 might push the pair lower. Overall, USD/CAD traded with a low of 1.0166 and with a high of 1.0271. Today, the Ivey PMI is expected at 63.2 vs. 65.9, previously.

USD/CAD - Last: 1.0149








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