UFXBank Forex News: Euro Tops Dollar in Slow Week | Learn Forex | GoLearnForex.com

UFXBank Forex News: Euro Tops Dollar in Slow Week

Written by article default Thursday, 30 December 2010 00:00

USD Dollar (USD) – The Dollar weakened across the board in Forex trading as signs of economic recovery in the U.S. pushed investors towards higher yielding assets. The Stock Markets in U.S. closed almost unchanged as the Dow Jones advanced by 0.09% and the NASDAQ raised by 0.15%. The Crude Oil for the fourth day is still fluctuating around the 91$ a barrel. The Gold (XAU) jumped by 0.6% and closed at 1413$ an ounce. Today, the Initial Jobless Claims are expected at 416k vs. 420k previously. The Chicago PMI is expected at 61.5 vs. 62.5 previously. The Pending Home Sales are expected at 2.1% vs. 10.4% previously.

Euro (EUR) – The Euro climbed versus the dollar during the American session and as expected rebounded back to 1.32 zones after it failed to break the key support at 1.3070. The M3 Money Supply came out 1.9% better than expected 1.6%. Holding above the support level of 1.32 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3083 and with a high of 1.3259. No economic data is expected today.

EUR/USD – Last: 1.3229

British Pound (GBP) – The Pound jumped versus the dollar during the American session and as expected rebounded back to 1.55 zones after it failed to break the key support at 1.5340. The Housing Equity Withdrawal, came out -6.1B worse than expected -5.5B. Holding above the support level of 1.5490 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5348 and with a high of 1.5526. No economic data is expected today.

GBP/USD - Last: 1.5508

Japanese Yen (JPY) – The Yen posted gains versus the dollar despite risk appetite among the investors as government bond yields declined in U.S. Holding below the key resistance level of 82.50 keeps the negative momentum for the pair. Overall, USD/JPY traded with a low of 81.27 and with a high of 82.44. No economic data is expected today.

USD/JPY-Last: 81.43

Canadian Dollar (CAD) – Canada's dollar posted 6 consecutive days of strength vs. the U.S. dollar, although traded in very tight range and currently fluctuating around the parity level. Only breaking the 0.9980 support area will extend the decline in the pair, otherwise a rebound back to 1.01 zones is possible. Overall, USD/CAD traded with a low of 0.9973 and with a high of 1.0054. No economic data is expected today.

USD/CAD - Last: 0.9995