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UFXBank Forex Outlook: Euro Down on Second Straight Day

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar strengthened across the board in Forex trading, as stocks in the U.S. approached session lows. Core Durable Goods Orders came out at -0.8%, worse than the expected 0.2%. New Home Sales came out at 307K better than the expected 300K. The Stock Markets in the U.S. closed mixed with the Dow Jones losing 0.39% and the NASDAQ advancing by 0.24%. Crude Oil fell by 0.7%, closing near $82 a barrel. Gold (XAU) also declined and closed at $1325 an ounce. Today, The Initial Jobless Claims report is expected at 455k vs. 452k previously.

Euro (EUR) – The Euro weakened against the Dollar for a second day in a row, although the German CPI came out unchanged at 0.1%. Holding above the 1.3740 support level might rebound the pair back to 1.38 zones and push it higher. Overall, EUR/USD traded with a low of 1.3733 and with a high of 1.3877. Today, ECB President Trichet will speak.

EUR/USD – Last: 1.3824

Resistance

1.3840

1.3880

1.3980

Support

1.3740

1.3700

British Pound (GBP) – The Pound weakened against the dollar and almost erased all the previous day's gains. The pair weakened after negative a Wall Street opening and strengthening of the Dollar across the board. Holding above the 1.57 support level might rebound the pair back to 1.58 zones and push it higher. Overall, GBP/USD traded with a low of 1.5728 and with a high of 1.5863. Today, the Nationwide HPI is expected at -0.3% vs. 0.1% previously. CBI Realized Sales are expected at 44 vs. 49 previously.

GBP/USD - Last: 1.5803

Resistance

1.5900

1.5945

Support

1.5755

1.5685

1.5650

Japanese Yen (JPY) – The Dollar gained versus the Yen for a second day in a row but still seems capped under the 82 zone. Retail Sales came out at 1.2%, worse than the expected 3.2%. Breaching the 82 resistance level in the pair might fuel a positive trend for the USD/JPY. Overall, USD/JPY traded with a low of 81.30 and with a high of 81.97. Today, the Interest Rate Decision is expected unchanged at 0.1%. The Tokyo Core CPI is expected at -0.8% vs. -1% previously.

USD/JPY-Last: 81.56

Resistance

82.00

82.30

Support

81.50

80.90


Canadian dollar (CAD) – Canada’s dollar weakened for a second day against the U.S. Dollar as the USD strengthened against all of its major counterparts on speculation that bond buying by the FED will be less than expected. Breaching the 1.0340 resistance level in the pair might fuel a positive trend for the USD/CAD. Overall, USD/CAD traded with a low of 1.0225 and with a high of 1.0337. No economic data is expected today.

USD/CAD - Last: 1.0267

Resistance

1.0300

1.0340

Support

1.0220

1.0160

 

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