UFXBank Forex News: Pound Jumps on the USD | Learn Forex | GoLearnForex.com

UFXBank Forex News: Pound Jumps on the USD

Written by article default Wednesday, 16 February 2011 07:57

USD Dollar (USD) – The Dollar traded mixed against most of the major currencies after Core Retail Sales came out at 0.3%, worse than the expected 0.6%. The Stock Markets in the U.S. closed negative as the Dow Jones fell by -0.34% and the NASDAQ lost -0.46%. Crude Oil completed 3 days of losses after it fell -0.6% and closed at $84.40 a barrel. Gold (XAU) jumped by 0.8% and closed above the $1372 area. Today, the PPI is expected at 0.8% vs. 1.1% previously. Housing Starts are expected at 0.55M vs. 0.53M previously. Building Permits are expected at 0.57M vs. 0.63M previously.

Euro (EUR) – The Euro traded mostly unchanged in Forex trading against the dollar, fluctuating around the 1.35 zones, and attempting to determine further trend. The German ZEW Economic Sentiment came out at 15.7, worse than the expected 20.20. The GDP came out at 0.3%, worse than an expected 0.4%, thus halting the EURO from advancing. Holding above the 1.3440 support level might push the pair back to 1.36 zones. Overall, EUR/USD traded with a low of 1.3460 and with a high of 1.3550. No economic data is expected today.

EUR/USD – Last:  1.3528

British Pound (GBP) – The pound soared against the dollar, though the CPI came out unchanged at 4%, as expected, and leaving no signs of a raise in the interest rates. Holding above the 1.6080 support level might push the pair higher to 1.62 areas. Overall, GBP/USD traded with a low of 1.6005 and with a high of 1.6170. Today, the Claimant Count Change is expected at -3.3k vs. -4.1k previously. Later, BOE Gov, Mervyn King will speak and the Inflation Report will be released.

GBP/USD - Last: 1.6156

Japanese Yen (JPY) – The Yen fell against most of the majors, including the greenback, as higher yielding assets took priority as investors’ risk appetite increased in expectance of strengthening U.S. reports. The Overnight Call rate came out at 0.1%, unchanged as expected. Holding above the 83.4 support level might push the pair higher to 84 areas. Overall, USD/JPY traded with a low of 83.18 and with a high of 83.89. No economic data is expected today.

USD/JPY-Last: 83.72

Canadian dollar (CAD) – The Canadian dollar traded mostly unchanged against the dollar in a tight range of 50 pips, fluctuating around the 0.99 zones and attempting to determine further trend. Holding above the support level of 0.9840 might rebound the pair back to parity. Overall, USD/CAD traded with a low of 0.9849 and with a high of 0.9900. Today, The Foreign Securities Purchases are expected at 7.22B vs. 8.01B previously. The Leading Indicators Index is expected at 0.3% vs. 0.5% previously, and Manufacturing Sales are expected at 2.3% vs. -0.8% previously.

USD/CAD - Last: 0.9880