UFXBank Forex News: Yen Drops vs. USD on Good Data | Learn Forex | GoLearnForex.com

UFXBank Forex News: Yen Drops vs. USD on Good Data

Written by article default Monday, 07 February 2011 11:52

USD Dollar (USD) – The Dollar gained against most of the major currencies of Forex trading after initial jobless claims came out better than expected, the Nonfarm payrolls came out 36.00K worse than expected 150.00K and the Unemployment Rate came out 9.00% better than expected 9.60% what makes the Dollar to be more attractive. Moreover, Federal Reserve Chairman Ben Bernanke said that the U.S. economic recovery should gain speed this year, causing the investors to be optimistic about the US economic. NASDAQ and Dow Jones strengthened by 0.56% and 0.25% respectively, Crude oil weakened by 1.47$ closed at 89.10$ a barrel, Gold (XAU) fell by 5.8$ and  closed at 1348.40$ an ounce. Today, no economic data is expected.

Euro (EUR) – The Euro dropped from the highest level against the dollar since November as European Central Bank President Jean-Claude Trichet dimmed the prospect of a boost in borrowing costs when he said inflation risks are balanced. As long as the rate below 1.3600 the momentum of the Euro is bearish, the next support level on the four hours chart is located at 1.3540. Overall, EUR/USD traded with a low of 1.3543 and with a high of 1.3677. Today, no economic data is expected.

EUR/USD – Last: 1.3612

British Pound (GBP) – The Pound fell against the Dollar after a good data from the U.S last Friday and captured at the 1.6100 area, but the pound gains against the euro after better than expected economic data boosted speculation the Bank of England may have room to increase interest rate this year. The GBP/USD has encountered with a serious resistance on the daily chart (level 1.6100), as long as the rate is below 1.6100 the pound is less attractive. Overall, GBP/USD traded with a low of 1.6036 and with a high of 1.6172. Today, No economic data expected today.

GBP/USD - Last: 1.6135

Japanese Yen (JPY) –The Yen weakened against the Dollar as a better than expected data came out from the U.S last Friday. The momentum of the USD/JPY is bullish as long as the pair traded above 82.00 according the daily chart. The main resistance for the pair is located at 82.30, if the pair breakup this level it could climb to 83.00 levels. Overall, USD/JPY traded with a low of 81.08 and with a high of 82.46. No economic data expected today.

USD/JPY-Last: 82.22

Canadian dollar (CAD) – The Canadian Dollar rose against the Dollar after the Employment rate came out 69.20K better than expected 21.20K, the unemployment rate came out 7.80% worse than expected and the Ivey PMI came out 41.40 worse than expected 53.70. As long as USD/CAD is trading below 1.0000 and below the 10 moving average on the daily chart the Canadian Dollar is still more attractive, the next support level on the daily chart is located at 0.9840 .Overall, USD/CAD traded with a low of 0.9832 and with a high of 0.9915. Today, Building permits is expected at 2.90% vs. -11.20%.

USD/CAD - Last: 0.9867