JPY and GBP rise against the Dollar | Learn Forex | GoLearnForex.com

JPY and GBP rise against the Dollar

Written by article default Wednesday, 21 September 2011 15:35

USD Dollar (USD) – In forex trading the US Dollar fell against the other major currencies as investors are expecting the Fed to offer a new plan to aid the U.S economy. Today the FOMC is expected to publish the results of the two day negotiation. Wall Street closed as the NASDAQ fell by 0.86% and the Dow Jones rose by 0.07%. Crude oil jumped by 1.4% and closed at $86.89 a barrel. Gold (XAU) also rose today by 1.7%, closing at nearly $1,809.1 an ounce. Today, existing Home Sales are expected to be at 4.76M vs. 4.67M. The Crude Oil Inventories is expected at -1.6M, the FOMC Statement is expected and the Federal Funds Rate is expected at 0.25.

Euro (EUR) – The Euro closed almost unchanged against the US Dollar waiting for news on the Greek default. The German ZEW Economic Sentiment came out at -43.3, which is better than the expected -44.30 and the European ZEW came out at -44.6 worse than expected at -42.30. The EUR/USD’s momentum is bearish as long as the pair remains below the 1.3740 level, the next support level on the daily chart is at the 1.3605 level. Overall, the EUR/USD traded at a low of 1.3592 and at a high of 1.3743. No major economic data is expected today.

EUR/USD – Last: 1.3719

British Pound (GBP) – The British Pound rose against the US Dollar yesterday. The momentum of the cable is bearish below the 1.5676 level with a support level at 1.5585 and a resistance level at 1.5840. Overall, the GBP/USD traded with a low of 1.5654 and with a high of 1.5746. Today, the MPC Meeting Minutes are expected at 0-0-9 as previously and the Public Sector Net Borrowing is expected at 11.3B vs. -2.0B previously.

GBP/USD - Last: 1.5735

Japanese Yen (JPY) –The Yen strengthened against the US Dollar as investors are concerned about the future of Greece.The USD/JPY is struggling at the 77.00 level and as long as the pair is trading below the 77.20 level, short positions are preferred. The next support line on the daily chart is located at the 76.00 level. Overall, the USD/JPY traded with a low of 76.34 and with a high of 76.75. Today, the All Industries Activity m/m is expected at 0.90% vs. 2.30% previously.

USD/JPY-Last: 76.35

Canadian dollar (CAD) – The Canadian dollar reached a three day low versus its U.S. counterpart as the International Monetary Fund cut its forecast for global economic growth and reduced projections for Canada. As long as the pair is trading abovethe 0.9880 level, the trend of the US Dollar is bullish.The Moving Average indicator on the one-hour chart supports a positive trend for the US Dollar. Overall, the USD/CAD traded with a low of 0.9881 and with a high of 0.9947. Today, Core CPI is expected at 0.1%% vs. 0.2% previously.

USD/CAD - Last: 0.9926