UFXBank Forex News: Pound Regains Earlier Losses vs USD | Learn Forex | GoLearnForex.com

UFXBank Forex News: Pound Regains Earlier Losses vs USD

Written by article default Friday, 18 February 2011 10:25

USD Dollar (USD) – The Dollar weakened against most of the major currencies in Forex trading after macro economic data in U.S showed that the Initial Jobless Claims came out 410k worse than expected 403k and yields on U.S. Treasuries fell. The CPI came out 0.4% better than expected 0.3%. The Philadelphia Fed Manufacturing Index came out 35.9 better than expected 21. The Stock Markets in U.S. closed positive as the Dow Jones rose by 0.24% and the NASDAQ gained 0.21%. The Crude Oil jumped by 1.6% ending the day at 86.4$ a barrel. Gold (XAU) also kept the positive momentum appreciating by 0.7% and closed at 1384$ an ounce. Today, Fed Chairman Ben Bernanke expected to testify.

Euro (EUR) – The euro gained versus the dollar attempting to sustain the 1.36 zone. The Current Account, came out -13.3B worse than expected -6.1B. Holding above the support area of 1.36 might push the pair to the 1.37 zones. Overall, EUR/USD traded with a low of 1.3535 and with a high of 1.3626. Today, the German PPI is expected at 0.6% vs. 0.7% previously.

EUR/USD – Last:  1.3613

British Pound (GBP) – The pound regained previous loses against the dollar and adhered the gap from yesterday after BOE MPC Member Andrew Sentence said that interest rates should rise in order to restrain the inflation. The CBI Industrial Trends Orders came out -8 better than expected -9 thus supporting the Sterling to advance. Holding above the support area of 1.6170 might push the pair to the 1.63 zones. Overall, GBP/USD traded with a low of 1.6074 and with a high of 1.6184. Today, the Retails Sales are expected at 0.5% vs. -0.8% previously. BOE Gov, Mervyn King expected to testify as well.

GBP/USD - Last: 1.6174

Japanese Yen (JPY) – The Yen gained against the dollar on global greenback's weakness. Breaking the support zone of 83.10 might extend the decline in the pair; otherwise a rebound back 84 zones might be seen. Overall, USD/JPY traded with a low of 83.14 and with a high of 83.74. No economic data is expected today.

USD/JPY-Last: 83.29

Canadian dollar (CAD) – The Canadian dollar touched highest level against the U.S. Dollar since March 2008 but still no strong move has seen in the USD/CAD pair as it bounced back to the critical support level of 0.9840. Only breaking that support might extend the decline in the pair, otherwise a rebound back to parity might be seen. Overall, USD/CAD traded with a low of 0.9814 and with a high of 0.9857. Today, the Core CPI is expected at 0.2% vs. -0.3% previously.

USD/CAD - Last: 0.9841