UFXBank Forex News: Dollar Drops Against Most Majors | Learn Forex | GoLearnForex.com

UFXBank Forex News: Dollar Drops Against Most Majors

Written by article default Monday, 24 January 2011 07:46

USD Dollar (USD) – The Dollar fell versus most of the major currencies after good macro economic data was released for the other majors. The Stock Markets in the U.S fluctuated as the Dow Jones rose by 0.41% and the NASDAQ declined by 0.55%. Crude Oil slumped by 0.5% closing at $89.11 a barrel. Gold (XAU) crashed as well, losing 0.4% and closing at $1341 an ounce. No economic data is expected today.

Euro (EUR) – The Euro rose by almost 200 pips against the Dollar in Forex trading last Friday, after the German Ifo Business Climate Index came out at 110.30, better than the expected 110.10. The Coalition government in Ireland collapsed, which will likely have an effect on the rate of the euro today, and we will probably see bearish momentum for the pair. Trading above 1.6000 will keep the momentum bullish, but trading below can take the pair back to 1.3400 areas. Overall, EUR/USD traded with a low of 1.3449 and with a high of 1.3625. Today, no major economic data is expected.

EUR/USD – Last:  1.3590

British Pound (GBP) – The Pound strengthened against the greenback as Retail Sales came out at -0.80%, worse than expected. Holding below the resistance level of 1.6040 turns the momentum to negative for the GBP/USD pair. Overall, GBP/USD traded with a low of 1.5866 and with a high of 1.6018. Today, no major economic data is expected.

GBP/USD - Last: 1.5966

Japanese Yen (JPY) – The Yen rose against the Dollar and fell back to trade near 82.50 levels after a big jump from the dollar last Thursday. Holding above the 82 zone will keep the momentum positive for the USD/JPY pair. Overall, USD/JPY traded with a low of 82.53 and with a high of 83.09. No economic data is expected today.

USD/JPY-Last:  82.72

Canadian dollar (CAD) – The Canadian Dollar gained against the U.S dollar after Canadian Finance Minister Jim Flaherty said that he doesn’t expect a major weakening of the country’s currency, whose gains reflect the strength of fiscal policy and commodity prices. The Core Retail Sales came out at 1.0%, better than the expected 0.6%. Breaching the resistance level of 1.0020 might fuel further increases in the pair. Overall, USD/CAD traded with a low of 0.9908 and with a high of 0.9988. Today, no major economic data is expected.

USD/CAD - Last: 0.9940