UFXBank Forex News: USD Trying to Hold Ground | Learn Forex | GoLearnForex.com

UFXBank Forex News: USD Trying to Hold Ground

Written by article default Friday, 28 January 2011 00:00

USD Dollar (USD) – The Dollar was mixed against the other major currencies of Forex trading as the released of Initial Jobless Claims in U.S. which Rose by 51k Last Week to 454k and Core Durable Goods Orders that came worse than expected (0.5% vs. 0.9% forecast) but pending home sales came better in December (2.0% vs. 0.9% forecast) caused the Dollar to be Volatile. NASDAQ and Dow Jones strengthened by 0.58% and 0.04% respectively, Crude oil fell by 1.9% ,the lowest price in the last 8 weeks, in the end closed at 85.64$ a barrel ,Gold (XAU) weakened by 2.1% closed at 1314.40$ an ounce. Today, Advance GDP is expected to rise from 2.60% to 3.80%, Employment Cost Index is expected to remain at 0.4%, Michigan Consumer Sentiment Index is expected at 73.20 vs. 72.70 prior.

Euro (EUR) – The Euro continued to rise versus the Dollar after erasing earlier declines as French President Nicolas Sarkozy said European leaders would continue defending the currency union. The resistance of the EUR/USD on the daily chart is still 1.3780, as long as the rate is above the 10 moving average on the daily chart the euro is stronger and the momentum is bullish. Overall, EUR/USD traded with a low of 1.3636 and with a high of 1.3758. No major data expected today.

EUR/USD – Last: 1.3705

British Pound (GBP) – The Pound was very volatile against the Dollar, trading close to a two day high, following the release of a flurry of mixed U.S. economic data. The GBP/USD is still trading on the 10 moving average line on the daily chart therefore the momentum is still not clear, as long as the rate is above 1.5800 the pound is more attractive and a long position is preferred. Overall, GBP/USD traded with a low of 1.5879 and with a high of 1.5991. No economic data expected today.

GBP/USD - Last: 1.5889

Japanese Yen (JPY) –The Yen slid against all other major after Japan’s credit rating was lowered for the first time in nine years by Standard & Poor’s. The momentum of the USD/JPY has been stable in the last 6 days, if the pair breakup 83.20 level the momentum will be bullish. Overall, USD/JPY traded with a low of 82.02 and with a high of 83.20. No economic data expected today.

USD/JPY-Last: 82.70

Canadian dollar (CAD) – The Canadian Dollar weakened against the Dollar as oil fell sharply to an eight week low in New York, drifting the Canadian as well. As long as USD/CAD is trading below 1.0000 the Canadian Dollar is more attractive, the next support level on the one hour chart is located at 0.9930 .Overall, USD/CAD traded with a low of 0.9926 and with a high of 0.9986. No economic data expected today.

USD/CAD - Last: 0.9963