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UFXBank Forex News: Euro Makes Gains on USD

Written by article default Wednesday, 30 March 2011 08:33

USD Dollar (USD) – The Dollar mostly weakened versus the major currencies in Forex trading after CB Consumer Confidence came out at 63.4, worse than the expected 65. The stock markets in the U.S. closed positive as the Dow Jones jumped by 0.67% and the NASDAQ gained 0.96%. Crude Oil also joined the positive trend, appreciating 0.8% and closed at $104.50 a barrel. Gold (XAU) continued to decline, losing -0.3% and closing at $1417 an ounce. Today, the ADP Non Farm Employment Change is expected at 205k vs. 217k previously. Crude Oil Inventories data is expected to come out at 1.6M vs. 2.1M previously.

Euro (EUR) – The euro managed to close the day positive against the dollar and hovers above the 1.41 area, despite the S&P rating agency lowering Portuguese and Greek credit ratings. The Gfk German Consumer Climate came out unchanged at 5.9 as expected. The German Prelim CPI came out at 0.5%, better than the expected 0.4%. Breaching the resistance level at 1.4150 might bring the pair once again above the 1.42 zones. Overall, EUR/USD traded with a low of 1.4046 and with a high of 1.4148. No economic data is expected today.

EUR/USD – Last:  1.4091

British Pound (GBP) – The Pound had minimal change from yesterday's levels on a low volume trading session after the U.K data came out. The Current Account came out at -10.5B, worse than the expected -10.3B and the Final GDP, came out at -0.5%, better than the expected -0.6%. Holding above the critical support zones of 1.5980 will push the pair higher once again. Overall, GBP/USD traded with a low of 1.5941 and with a high of 1.6400. Today, the CBI Realized Sales are expected at -1 vs. 6 previously.

GBP/USD - Last: 1.6000

Japanese Yen (JPY) – The Yen weakened against the dollar on speculations that the U.S. is considering removing stimulus in the close future as the global economy is recovering. Prelim Industrial Production came out at 0.4%, better than the expected -0.1%. Holding above the support level of 82.3 keeps the momentum positive for the pair. Overall, USD/JPY traded with a low of 81.53 and with a high of 82.52. No major economic data is expected today.

USD/JPY - Last: 82.96

Canadian dollar (CAD) – The Canadian Dollar strengthened against the U.S. dollar for a second day as Crude Oil prices climbed back. Breaking the critical support level at 0.9740 might bring the pair to new record lows; otherwise, a rebound to parity is possible. Overall, USD/CAD traded with a low of 0.9735 and with a high of 0.9784. No major economic data is expected today.

USD/CAD - Last: 0.9733