Daily Review 27/11/2009

USD Dollar (USD)

The Dollar climbed against all majors after Dubaiâ€™s attempt to reschedule its debt by 6 month caused Europe Stocks to drop heavily and spurred investors to seek the safety of assets perceived as lower risk. Stocks market in U.S were close due to the Thanksgiving holiday. Crude oil fell by 3% closing at 76.2$ a barrel. Gold (XAU) closed almost unchanged at 1191.85 $ an ounce but dropped during Asia session falling back to 1170$ levels. No economic data expected today.

EURO (EUR)

The Euro fell against the Dollar following the collapse of stock markets in Europe as a result of Dubaiâ€™s debt rescheduling. EUR/USD pair traded with a low of 1.4959 and with a high of 1.5141. Loans to Euro zone households and firms fell in October for the second month in a row, coming at 0.3% vs. 0.7% forecast. No important data expected today.

EUR/USD – Last: 1.4945

Resistance	1.5020	1.5100	1.5144
Support	1.4913	1.4830	1.4800

British Pound (GBP)

The Pound fell versus the Dollar as stocks declined and a proposal by Dubai to delay debt payments prompted investors to seek what they perceive to be safer securities. Overall, GBP/USD traded with a low of 1.6466 and with a high of 1.6725. CBI Realized Sales came out at 13 vs. 12 forecast.

GBP/USD – Last: 1.6406

Resistance	1.6530	1.6648	1.6720
Support	1.6376

Japanese Yen (JPY)

The Yen rallied to a 14-year high against the Dollar, climbing past the 85.00 level, on speculation Japanese monetary authorities will tolerate further appreciation of the currency. Overall, USD/JPY traded with a low of 84.81 and with a high of 87.48. Tokyo Core CPI came out better than expected at -1.9% vs. -2% forecast.

USD/JPY-Last: 86.37

Resistance	87.00	87.70	88.62
Support	85.80	85.00

Canadian dollar (CAD)

The Canadian Dollar weakened against its U.S. counterpart by the most in almost four weeks as Dubaiâ€™s plan to reschedule its debt spurred a sell-off in crude oil, gold and equities. Overall, USD/CAD traded with a low of 1.0450 and with a high of 1.0620.Today, Current Account is expected at -12.9B vs. -11.2B prior.

CAD/USD – Last: 1.0626