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Daily Review 15/12/2009
USD Dollar (USD)
The Dollar weakened slightly versus the majors as the Dollar rally took a relief. NASDAQ and Dow Jones gained by 0.99% and 0.28% respectively as Dubai\’s bailout calmed investor fears. Crude weakened for the 9th straight day lowering by -0.43% closing at 69.57$ a barrel. Gold (XAU) gained by 0.54% closing at 1123.30$ an ounce. Today, PPI is expected with 0.8% versus 0.3% prior. Industrial Production is expected with 0.6% versus 0.1% prior. TIC Long Term Purchases is expected with 38.3B versus 40.7B prior.
EURO (EUR)
The Euro gained slightly versus the Dollar as Dubai World\’s bailout eased banks concerns of major write downs. Industrial Production came out as expected with -0.6%. Overall, EUR/USD traded with a low of 1.4607 and with a high of 1.4685. Today, German ZEW Economic Sentiment is expected weaker with 50.1 versus 51.1 prior.
EUR/USD – Last: 1.4655
|
Resistance |
1.4685 |
1.4775 |
1.4825 |
|
Support |
1.4585 |
1.4535 |
1.4470 |
British Pound (GBP)
The Pound gained slightly versus the Dollar but is still unable to break above or below the 1.6350 and 1.62 range. RICS House Price Balance came out weaker with 35% versus 39% forecast. Overall, GBP/USD traded with a low of 1.6188 and a high of 1.6324. Today, CPI is expected with 1.8% versus 1.5% prior.
GBP/USD – Last: 1.6300
|
Resistance |
1.6340 |
1.6380 |
1.6425 |
|
Support |
1.6250 |
1.6190 |
1.6150 |
Japanese Yen (JPY)
The Yen gained versus the Dollar and other majors after Tanken Manufacturing Index came out stronger than expected. The Yen is set to replace the Dollar in the Carry Trading as borrowing costs in Japan became almost as cheap as U.S loans. Overall, USD/JPY traded with a low of 88.32 and a high of 89.29 and EUR/JPY traded with a low of 129.18 and a high of 130.64. Today, Tertiary Industry Activity is expected with 0.5% versus -0.5% prior.
USD/JPY-Last: 88.75
|
Resistance |
89.00 |
89.25 |
89.85 |
|
Support |
88.35 |
88.00 |
87.40 |
Canadian Dollar (CAD)
The Canadian Dollar remained unchanged versus the Dollar as no major news was released and Crude prices were merely changed. Overall, USD/CAD traded with a low of 1.0484 and a high of 1.0623. Today, Leading Index is expected with 0.6% versus 0.7% prior and Labor Productivity is expected with -0.4% versus 0.0% prior.
USD/CAD – Last: 1.0580
|
Resistance |
1.0635 |
1.0670 |
1.0700 |
|
Support |
1.0550 |
1.0515 |
1.0480 |
Research by http://www.ufxbank.com
Daily Review 14/12/2009
USD Dollar (USD)
The Dollar continued rallying versus most majors on Friday after Retail Sales and Michigan\’s Consumer Sentiment came out stronger than expected signaling economy is recovering improving Fed Rate Outlook. NASDAQ ended almost flat with -0.03% change and Dow Jones gained by 0.63%. Crude weakened by -1.39% dropping below 70$ for the first time since October closing at 69.87$ a barrel and Gold (XAU) dropped by -0.91% closing at 1114.55$ an ounce on a stronger Dollar. No economic data expected today.
EURO (EUR)
The Euro continued falling versus the Dollar reaching a 2 month low below the 1.46 support level as better economic data in the US led investors to expect a near rate increase. Ireland and Greece are facing major debt concerns that may lead to their exit from the Euro-Zone. Overall, EUR/USD traded with a low of 1.4586 and with a high of 1.4776. Today, Industrial Production is expected with -0.6% versus 0.3% prior.
EUR/USD – Last: 1.4620
|
Resistance |
1.4700 |
1.4775 |
1.4825 |
|
Support |
1.4585 |
1.4535 |
1.4470 |
British Pound (GBP)
The Pound dropped slightly versus the Dollar after PPI Input and Output came out weaker than the forecast. The UK budget deficit keeps growing as the government keeps spending money to spur the economy preventing the Pound from gaining back. Overall, GBP/USD traded with a low of 1.6196 and a high of 1.6338. Today, RICS House Price Balance is expected with 39% versus 34% prior.
GBP/USD – Last: 1.6200
|
Resistance |
1.6275 |
1.6340 |
1.6380 |
|
Support |
1.6160 |
1.6120 |
|
Japanese Yen (JPY)
The Yen weakened versus the Dollar and the Euro as economic conditions improve and a future rate increase in the U.S seems more likely. Overall, USD/JPY traded with a low of 88.26 and a high of 89.81 and EUR/JPY traded with a low of 129.97 and a high of 131.59. No economic data expected today.
USD/JPY-Last: 88.40
|
Resistance |
89.30 |
89.85 |
90.10 |
|
Support |
88.25 |
88.00 |
87.75 |
Canadian Dollar (CAD)
The Canadian Dollar weakened versus the Dollar as Crude dropped beneath 70$ a barrel on stronger Dollar sending the high yield commodity related Australian and Canadian Dollar lower. Overall, USD/CAD traded with a low of 1.0484 and a high of 1.0623. No major economic data expected today.
USD/CAD – Last: 1.0610
|
Resistance |
1.0630 |
1.0650 |
1.0690 |
|
Support |
1.0540 |
1.0500 |
1.0480 |
Daily Review 11/12/2009
USD Dollar (USD)
The Dollar traded with a narrow range versus most majors as mixed data was released in the US. The initial Jobless claims rose by 17K coming at 474K but the trade balance deficit in the U.S. unexpectedly narrowed in October to -32.9B as rebounding economies overseas and a weaker dollar pushed exports up for a sixth consecutive month. NASDAQ and Dow Jones rose by 0.33% and 0.67% respectively, following the trade balance. Crude oil decreased by 0.2% closing at 70.54$ a barrel. The oil traded the first time this month below 70$. Gold (XAU) rose by 0.5% closing at 1125.7$ an ounce. Today, Retail Sales is expected at 0.6% vs. 1.4% previously and Michigan Consumer Sentiment is expected at 69.1 vs. 67.4.
EURO (EUR)
The Euro rose slightly versus the Dollar after European Central Bank President Jean- Claude Trichet said he will withdraw stimulus measures in a faster pace than economists anticipated, clearing the way for higher interest rate next year. Overall, EUR/USD traded with a low of 1.4682 and with a high of 1.4760. Today, ECB President Trichet Speaks.
EUR/USD – Last: 1.4725
|
Resistance |
1.4760 |
1.4866 |
1.4900 |
|
Support |
1.4675 |
|
|
British Pound (GBP)
The Pound stayed almost unchanged versus the Dollar and the Euro after The Bank of England stuck to its plan to buy as much as 200 billion pounds in bonds and held the interest rate at a record low of 0.5%. Overall, GBP/USD traded with a low of 1.6213 and with a high of 1.6346. Today, PPI Input is expected at 0.6% vs. 2.6% prior.
GBP/USD – Last: 1.6312
|
Resistance |
1.6346 |
1.6472 |
1.6660 |
|
Support |
1.6230 |
1.6167 |
|
Japanese Yen (JPY)
The Yen declined against the Dollar and Euro, as U.S. continuing claims for unemployment benefits fell to a nine-month low, encouraging demand for higher-yielding assets. Overall, USD/JPY traded with a low of 87.73 and with a high of 88.45.No important data is expected today.
USD/JPY-Last: 88.70
|
Resistance |
89.17 |
89.60 |
|
|
Support |
87.72 |
87.36 |
|
Canadian dollar (CAD)
The Canadian Dollar strengthened for a second day versus the Dollar, touching the strongest level this week as stocks gained and the nation unexpectedly posted a trade surplus. Trade Balance came out better than expected at 0.4B vs. -0.6B forecast. Overall, USD/CAD traded with a low of 1.0478 and with a high of 1.0582. Today, NHPI the previous data came out at 0.5%.
CAD/USD – Last: 1.0512
|
Resistance |
1.0550 |
1.0590 |
1.0648 |
|
Support |
1.0482 |
1.0433 |
|
Research by http://www.ufxbank.com
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