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UFXBank Forex News: Dollar Weakens to Close the Year
Written by article default Monday, 03 January 2011 08:08
USD Dollar (USD) – The Dollar weakened across the board as signs of economic recovery in the U.S. have pushed investors towards higher yielding assets. The Stock Markets in the U.S. closed almost unchanged as the Dow Jones rose by 0.07% and the NASDAQ weakened by 0.38%. Crude Oil strengthened by $1.54 and closed at $91.38 a barrel. Gold (XAU) rose by $15.50 and closed at $1421.40 an ounce. Today, the ISM Manufacturing Index is expected at 57.30 vs. 56.60 previously.
Euro (EUR) – The Euro climbed versus the dollar in Forex trading. Holding above the support level of 1.33 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3264 and with a high of 1.3424. No economic data is expected today.
EUR/USD – Last: 1.3295
|
Resistance |
1.3418 |
||
|
Support |
1.3275 |
1.3200 |
1.3075 |
British Pound (GBP) – The Pound rose versus the dollar during the last day of the year by nearly 250 pips after it experienced support at 1.5400 for a week. Trading above 1.5500 will keep the momentum positive for the pound according to the daily chart. Overall, GBP/USD traded with a low of 1.5423 and with a high of 1.5665. No economic data is expected today.
GBP/USD - Last: 1.5542
|
Resistance |
1.5664 |
1.6000 |
|
|
Support |
1.5517 |
1.5422 |
1.5350 |
Japanese Yen (JPY) – The Yen has risen versus the dollar for the last 13 days after having broken a strong resistance point at 83.40 last week. The Yen is experiencing a strong, bearish momentum facing another support area at 81.00 levels. Overall, USD/JPY traded with a low of 80.92 and with a high of 81.54. No economic data is expected today.
USD/JPY-Last: 81.24
|
Resistance |
81.50 |
82.00 |
82.40 |
|
Support |
81.00 |
|
|
Canadian Dollar (CAD) – Canada's dollar strengthened vs. the U.S. dollar, and succeeded to break up the support level of 1.0000, as oil had also strengthened versus the dollar. The next support level is located at 0.9750, and if the rate remains below 1.0000, the momentum will continue to be bearish. Overall, USD/CAD traded with a low of 0.9925 and with a high of 1.0006. No economic data is expected today.
USD/CAD - Last: 0.9921
|
Resistance |
1.0000 |
1.0055 |
1.0110 |
|
Support |
0.9750 |
|