UFXBank Forex News: Trends Uncertain as Greek Nears Default | Learn Forex | GoLearnForex.com

UFXBank Forex News: Trends Uncertain as Greek Nears Default

Written by article default Tuesday, 21 June 2011 07:30

USD Dollar (USD) – The Dollar traded mixed against the other major currencies as the trends weren’t very clear and investors appeared to be waiting for more news on Greece’s debt. Wall Street closed positive as the NASDAQ rose by 0.50% and the Dow Jones strengthened by 0.63%. Crude oil rose by 0.3% after a drop of 6% last week, closing at $93.26 a barrel, Gold (XAU) increased by 0.2% and closed at $1542 an ounce. Today, Existing Home Sales are expected at 4.78M vs. 5.05M previously.

Euro (EUR) – The euro rose against the majority of its most-traded counterparts after European leaders reassured investors a Greek default on its debts can be avoided, easing concern about a spreading regional credit crisis. The EUR/USD’s trend is bullish and its testing of the resistance level at 1.4325 was over tonight after the pair broke this level. As long as the pair is trading below 1.4440, the daily trend is bearish. Overall, EUR/USD traded with a low of 1.4190 and with a high of 1.4327. Today, the German ZEW Economic Sentiment is expected at -3.00 vs. 3.10 previously and the ZEW Economic Sentiment is expected at 6.10 vs. 13.60 previously.

EUR/USD – Last: 1.4326

British Pound (GBP) – The Pound gained against in forex trading the Dollar after it rose and settled above 1.6200. As long as the GBP/USD is trading below 1.6300, the pound’s momentum is still bearish and a short position is preferred. The next resistance level on the one hour chart is located at 1.6250, which the pair already tested last night. If it breaks this level, the pound will probably continue towards 1.6300. Overall, GBP/USD traded with a low of 1.6108 and with a high of 1.6234. Today, the CBI Industrial Trend Orders are expected at -5.00 vs. 2.00 previously.

GBP/USD - Last: 1.6209

Japanese Yen (JPY) –The Yen fell a bit against the Dollar as the Euro and the stock markets rose today. The trade balance came out at -0.47 T better than the expected -0.54T. The USD/JPY is struggling with 80.00-81.00 levels during the night, and only if the pair crosses the 81.20 level, will the US Dollar be bullish again. Overall, USD/JPY traded with a low of 80.01 and with a high of 80.35. No economic data is expected today.

USD/JPY-Last: 80.15

Canadian dollar (CAD) – The Canadian dollar fluctuated versus its U.S. counterpart as oil, Canada’s biggest export, erased losses and stocks rose after a European leader eased concerns over Greece receiving the aid it needs to avoid a default. The next resistance level on the daily chart is located at 0.9900 levels. Overall, USD/CAD traded with a low of 0.9780 and with a high of 0.9848. Today, the Leading Indicators are expected at 0.50% vs. 0.801% previously, and Core Retail Sale are expected at 0.60% vs. -0.10 previously.

USD/CAD - Last: 0.9792