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UFX Bank Daily Review

Every day UFX Bank brings you the Daily Review of the Forex markets.

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USD Dollar (USD) – The Dollar traded mixed with the majors currencies today. The GDP came out as expected at 2.00% and the Chicago PMI came out at 60.60, better than the expected 57.50. The Stock Markets in the U.S. closed mixed with the Dow Jones rising 0.04% and the NASDAQ unchanged. Crude Oil fell against the dollar and closed below $82 a barrel. Gold (XAU) advanced by $19.87 and closed at $1362 an ounce as investors chose to turn back to a safe haven, gold. Today, the price index is expected unchanged at 0.10% and the ISM Manufacturing Index is expected at 53.60 vs. 54.40 previously.

Euro (EUR) – The dollar fell for a third day against the euro in Forex trading on speculation that the Federal Reserve will take more credit-easing measures amid signs of a stagnant recovery in the world’s largest economy. The Dollar did, however, strengthen to 1.3900 with the opening of the Asian market at 08:03 Tokyo time. Holding above the support level of 1.3930 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3957 and with a high of 1.3983. Today, no economic data is expected.

EUR/USD – Last: 1.3993

Resistance

1.4036

1.4077


Support

1.3934

1.3798

British Pound (GBP) – The Pound closed at almost the same rate as it had opened (last Friday). However, during the night it fell below the support level of 1.6000 and returned to trade around 1.6050 levels. Holding the rate above 1.6050 will keep the momentum bullish for the pound. The net lending to individuals came out 0.40B, worse than the expected 0.90B. Overall, GBP/USD traded with a low of 1.6022 and with a high of 1.6060. Today, the Manufacturing PMI is expected at 53.00 vs. 53.40 previously.

GBP/USD - Last: 1.6055

Resistance

1.6070


Support

1.5996

1.5750

1.5660

Japanese Yen (JPY) – The Japanese Yen weakened versus the Dollar with the opening of the market in Asia, earlier today. The Yen declined 0.8 percent reaching 81.40 per Dollar. Trading above 80.50 will keep the momentum bullish for the Dollar. Overall, USD/JPY traded with a low of 80.23 and with a high of 81.43. No economic data is expected today.

USD/JPY-Last: 80.52 

Resistance

80.86

81.08

81.44

Support

80.23



Canadian dollar (CAD) Canada’s dollar gained for a second consecutive month after the   Federal Reserve said that it  will spur global growth. The GDP came out at 0.30%, as expected.  Overall, USD/CAD traded with a low of 1.0180 and with a high of 1.0197. Today, no economic data is expected.

USD/CAD - Last: 1.0166

Resistance

1.0204

1.0243

1.0299

Support

1.0156


 

Wednesday, 28 April 2010 23:27

UFXBank Daily Review - April 28, 2010

Written by ForexCult Team

 USD Dollar (USD) – The Dollar gained versus all majors except the Yen after S&P cut the rating for Portugal and lowered Greece's credit rating 3 steps to junk. The rating cuts by S&P strengthened risk Aversion and investors turned to the safety of the Dollar and the Yen. NASDAQ and Dow Jones plunged by -2.04% and -1.9% respectively. Crude Oil weakened by -2.09% closing at 82.44$ a barrel. Gold (XAU) gained by 0.71% closing at 1,161.7$ an ounce. Today, FOMC Interest Rate statement is expected unchanged at 0.25% and will attract investor's attention. Crude Inventories are expected with 0.9M versus 1.9M and are likely to cause volatility in Crude prices.

Tuesday, 27 April 2010 23:28

UFXBank Daily Review - April 27, 2010

Written by ForexCult Team

 USD Dollar (USD) – The Dollar weakened versus most majors as investors became more optimistic regarding the future of the Euro zone as a result of more developments on the Greek bailout plan. NASDAQ declined by -0.28% and Dow Jones finished unchanged on a choppy trading day. Crude Oil weakened by -1.4% closing at 83.97$ a barrel. Gold (XAU) remained almost unchanged closing at 1,153.4$ an ounce. Today, CB Consumer Confidence is expected stronger with 53.6 versus 52.5 prior. Fed Chairman Bernanke is due to testify in Washington.

Thursday, 22 April 2010 23:46

UFXBank Daily Review - April 22, 2010

Written by ForexCult Team
USD Dollar (USD) – The Dollar traded with a mixed trend versus the majors. No clear direction seems across the board. NASDAQ and Dow Jones rose by 0.17% and 0.07% respectively. Crude oil plunged after the Inventories data showed an increase of 1.9M barrels, closing at 83.4$ a barrel. Gold (XAU) increased for another day closing at 1146$ an ounce. Today, PPI is expected at 0.4% vs. -0.6% previously. The Initial Jobless Claims is expected at 450K vs. 484K previously and the Existing Home Sales is expected at 5.3M vs. 5.02M previously.
Monday, 19 April 2010 23:49

UFXBank Daily Review - April 19, 2010

Written by ForexCult Team
USD Dollar (USD) – The Dollar strengthened against most majors after news on Friday that Goldman Sachs has been charged with fraud by Securities and Exchange Commission caused an immediate fall in stocks and commodities, thus spearing investors to buy the Dollar as a refuge. NASDAQ and Dow Jones weakened by 1.37% and 1.13% respectively. Crude oil fell by 2.4% closing at 84.6$ a barrel and Gold (XAU) also dropped by 2.0% closing at 1136.9$ an ounce. Today, Fed Chairman Bernanke Speaks.

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