UFXBank Forex News: Euro on 1-Month High | Learn Forex | GoLearnForex.com

UFXBank Forex News: Euro on 1-Month High

Written by article default Thursday, 20 January 2011 07:54

USD Dollar (USD) – The Dollar produced another disappointing performance, extending the slide versus most of the major currencies, after macro economic data showed that economic Growth in the U.S might slow as Housing Starts came out at 0.53M, worse than the expected 0.55M. The Stock Markets in the U.S. closed negative as the Dow Jones lost -0.11% and the NASDAQ declined by -1.46%. Crude Oil weakened by -0.6%, closing at $90.86 a barrel. Gold (XAU) was mostly unchanged, fluctuating around the $1370 an ounce. Today, Initial Jobless Claims are expected at 425k vs. 445k previously. Existing Home Sales are expected at 4.8M vs. 4.68M previously. The Philadelphia Fed Manufacturing Index is expected at 21 vs. 20.8 previously.

Euro (EUR) – The Euro rose to a one month high in Forex trading against the Dollar on signs that pointed to the U.S. economic recovery remaining slow. The pair crossed the 1.35 area, but declined back to yesterday's resistance level, testing it as a support. Only breaching the 1.3540 resistance level will extend gains in the EUR/USD pair, otherwise a rebound could be seen. Overall, EUR/USD traded with a low of 1.3367 and with a high of 1.3537. Today, the German PPI is expected at 0.5% vs. 0.2% previously and the ECB monthly report will come out, as well.

EUR/USD – Last:  1.3460

British Pound (GBP) – The Pound extended its advance versus the Dollar for the ninth consecutive day, as U.K. jobless claims unexpectedly fell in December after the Claimant Count Change came out -4.1k better than the expected -1.4k. Only breaching the 1.6040 resistance level will extend gains in the GBP/USD pair, otherwise a rebound could be seen. Overall, GBP/USD traded with a low of 1.5942 and with a high of 1.6036. Today, the CBI Industrial Trends Orders are expected at -1 vs. -3 previously.

GBP/USD - Last: 1.5943

Japanese Yen (JPY) – The Yen gained against the Dollar, favored by falling stocks reaching 2 week lows. Risk aversion pushed inventors towards the safe haven of the Yen. Only breaking the 81.80 support level will extend decline in the USD/JPY pair, otherwise a rebound could be seen. Overall, USD/JPY traded with a low of 81.83 and with a high of 82.67. No economic data is expected today.

USD/JPY-Last:  82.12

Canadian dollar (CAD) – The U.S dollar gained against the Canadian Dollar for a second day after the Bank of Canada mentioned that no more interest rate increases are expected in the near future. Holding above the support level of 0.9850, keeps the momentum positive for the USD/CAD pair. Overall, USD/CAD traded with a low of 0.9887 and with a high of 0.9966. Today, the Leading Indicators Index is expected at 0.4% vs. 0.3% previously. The Wholesale Sales are expected at 0.4% vs. 0% previously.

USD/CAD - Last: 0.9962