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UFXBank Forex News: EUR/USD at Highest Level Since November

Written by article default Monday, 21 March 2011 07:27

USD Dollar (USD) – The Dollar traded mixed against the other major currencies of Forex trading after robust data came out in the U.S., fueling risk appetite among investors. Japan's nuclear emergency situation is still in a background and hits the market with developing news, but the dollar weakness was inevitable. The Stock Markets in the U.S. closed positive as the Dow Jones rose by 0.71% and the NASDAQ gained 0.29%. Crude Oil closed at $100.54 a barrel but the price jumped to $104.00 a barrel with the opening of the market last night. Gold (XAU) also jumped, moving above and then closing at $1418.25 an ounce. Today, Existing Home Sales  are expected at 5.05 M vs. 5.36 M previously.

Euro (EUR) – The euro rose against the Dollar and accumulated gains during the American session, posting its highest level since November 2010 after the Japanese Finance Minister Noda said that the ECB may intervene in the EUR/JPY. Hence, both EUR/JPY and EUR/USD jumped after the comments. Holding above the support area of 1.4140 will keep the bullish momentum. Overall, EUR/USD traded with a low of 1.3979 and with a high of 1.4183. Today, ECB President Trichet Speaks.

EUR/USD – Last: 1.4167

British Pound (GBP) – Sterling gained versus the dollar and U.K. government debt rose as Fitch Ratings said the U.K. should keep its top credit rating, citing government efforts to reduce the budget. The pair is heading towards the key resistance level of 1.6270. Breaching this zone will fuel a positive momentum in the pair. Overall, GBP/USD traded with a low of 1.6060 and with a high of 1.6255. Today, no major economic data is expected.

GBP/USD - Last: 1.6207

Japanese Yen (JPY) – The Yen was crushed across the board by more than 300 pips and it was opposite to what was seen in when the Asian markets opened yesterday after the G7 (Group of seven industrialized Nations) decided to sell the Yen on joint intervention in the FX markets to help support the BOJ in this crisis. Holding above the support zone of 80.50 turns the momentum to positive for the pair. Overall, USD/JPY traded with a low of 79.05 and with a high of 81.97. No economic data is expected today.

USD/JPY-Last: 80.93

Canadian dollar (CAD) – The Canadian dollar fell versus the U.S dollar after Crude oil reversed its advance, erasing a weekly gain, after Libyan Foreign Minister Moussa Koussa said in a televised news conference, that the North African nation is ceasing all military action and will start talks with rebels. Breaking the next support level at 0.98 zones might deepen the pair's weakness. Overall, USD/CAD traded with a low of 0.9803 and with a high of 0.9864. Today, no economic data is expected.

USD/CAD - Last: 0.9814