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UFXBank Forex News: USD Drops on New Home Sales
Written by article default Friday, 24 December 2010 00:00
USD Dollar (USD) – The Dollar fell against most of the major currencies in Forex trading after the new home sales came out at 290K, worse than the expected 303K. The Core Durable Goods Orders (MoM) came out 2.40% better than expected and the initial jobless claims came out 420K better than expected 424K. The stock market closed mixed when the NASDAQ fell by 0.22% and Dow Jones strengthened by 0.12%, Crude oil rose by 1.1%, closed at 91.51$ a barrel a 2 years high- since October 2008, Gold (XAU) fell by 0.5% and closed at 1380.5$ an ounce. Today, no economic data is expected at all because of the Christmas holiday and the trading volume will be very low.
Euro (EUR) – The euro rose against the dollar after it traded near a three-week low because of bad economic data that came out from the U.S. The EUR/USD is still on a negative range, but in case the euro will rise against the dollar it will face a strong resistance according the daily chart at 1.3250 levels. Overall, EUR/USD traded with a low of 1.3055 and with a high of 1.3151. Today, No major economic data is expected.
EUR/USD – Last: 1.3127
|
Resistance |
1.3150 |
1.3200 |
1.3350 |
|
Support |
1.3050 |
|
|
British Pound (GBP) – The Pound rose against the dollar after it fell by 60 pips at the opening of the European market yesterday morning. We can see head and shoulders on the daily chart when the support located at 1.5400 levels, the momentum according the RSI seems to be bullish from today facing a resistance at 1.5550. Overall, GBP/USD traded with a low of 1.5373 and with a high of 1.5446. Today, no economic data is expected.
GBP/USD - Last: 1.5428
|
Resistance |
1.5474 |
1.5575 |
1.6000 |
|
Support |
1.5371 |
|
|
Japanese Yen (JPY) –The Yen rose against the dollar for a fourth straight day in the longest stretch of declines in more than two months as reports showed the U.S. economic recovery is gathering pace, fueling demand for the Japanese currency to fund investments in growth. The USD/JPY broke the 83.40 support level and settled at 83.00 levels. Overall, USD/JPY traded with a low of 82.85 and with a high of 83.57. No economic data is expected today.
USD/JPY-Last: 82.99
|
Resistance |
83.16 |
83.40 |
83.60 |
|
Support |
82.85 |
|
|
Canadian dollar (CAD) –The Canadian Dollar strengthened against the greenback as crude oil surged to the highest level in more than two years. The GDP came out 0.20% worse than expected 0.30%. The momentum of the USD/CAD is bearish for the last four days .The next support level is located at 1.0000, if the rate return up it will face a strong resistance at 1.0200. Overall, USD/CAD traded with a low of 1.0065 and with a high of 1.0165. Today, no economic data is expected.
USD/CAD - Last: 1.0087
|
Resistance |
1.0128 |
1.0166 |
1.0200 |
|
Support |
1.0065 |
1.0038 |
1.0000 |