UFXBank Forex News: Dollar Moving on Momentum vs Yen | Learn Forex | GoLearnForex.com

UFXBank Forex News: Dollar Moving on Momentum vs Yen

Written by article default Friday, 26 November 2010 00:00

USD Dollar (USD) – The Dollar continued to rise versus most majors after a mix of data was released such as initial jobless claims which came 407K vs. 434K forecast and New Home Sales that came 283K vs. 311K , also the concern on the European zone debit succeeded to  support a stronger Dollar . NASDAQ and Dow Jones strengthened by 1.93% and 1.37% respectively, crude oil jumped  by 3.2%, closing at 83.86$ a barrel,  Gold (XAU) weakened by 0.3%, closing at 1373$ an ounce ,a new historic record. No economic data expected today due to bank holiday in US.

Euro (EUR) – The Euro traded near a two month low versus the Dollar in Forex trading, as concern the sovereign debt crisis will extend and Industrial New Orders that came worse than expected at -3.8% vs. -2.6% forecast, led the investors to sell the Euro.  The EUR/USD has had a very negative trend in the last three days, as long the price is below 1.3500 levels a short position is preferred. Overall, EUR/USD traded with a low of 1.3284 and with a high of 1.3421. No economic data expected today.

EUR/USD – Last: 1.3331

British Pound (GBP) – The Pound fluctuated versus the Dollar as a mix of data from UK and US were released during the sessions, causing the pair to close almost unchanged. GDP remain unchanged at 0.8%. As long the GBP/USD is trading below 1.6000 the momentum is bearish and a short position is preferred, the next support level on the one hour chart is 1.5740 levels. Overall, GBP/USD traded with a low of 1.5741 and with a high of 1.5837. Today, BOE Gov King Speaks, CBI Realized Sales are expected at 35.0 vs. 36.0 prior.

GBP/USD - Last: 1.5766

Japanese Yen (JPY) –The Yen weakened against the Dollar as positive momentum of the Dollar owing to the European debt in the last days and a positive data that released yesterday in US supported a stronger Dollar. The USD/JPY has been trading around 83.00 – 83.80 area in the past few days, only if the pair breaks this levels we will see a momentum. Overall, USD/JPY traded with a low of 82.94 and with a high of 83.66. No economic data expected today.

USD/JPY-Last: 83.51

Canadian dollar (CAD) – The Canadian Dollar rose the most since September versus the Dollar as investor risk aversion declined on optimism the nation’s economic recovery will strengthen and the oil price which rose sharply during the session drifting the Canadian as well. The resistance level of the USD/CAD on the four hours chart is located at 1.0250, as long the price is trading below this level a short position is preferred .Overall, USD/CAD traded with a low of 1.0091 and with a high of 1.0224. No economic data expected today.

USD/CAD - Last: 1.0094