August 18 2010

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USD Dollar (USD) – The Dollar was mixed versus other major currencies after positive U.S. economic data, which support the idea of a recovering economy, succeeded to support the stock market and the commodities indices. The NASDAQ and Dow Jones rose by 1.26% and 1.01%, respectively. Crude oil increased by 0.7% to close at $75.70 a barrel, and Gold (XAU) strengthened by 0.2%, closing at $1228.30 an ounce. No economic data is expected today.

EURO (EUR) – The Euro rose versus the Dollar after good data was released from the European zone, like the ZEW Economic Sentiment, which came better than the forecast at 15.8 vs. 10.6. This led investors to buy into the Euro. The pair has been trading downwards since last week, but has made a correction during the last two days. The next resistance on the daily chart is located at 1.3000 levels, and if the rate trades above this level, the pair will continue with its uptrend. Overall, EUR/USD traded with a low of 1.2804 and with a high of 1.2916. No economic data is expected today. EUR/USD – Last: 1.2849

British Pound (GBP) – The Pound fell against the Dollar after the governor for the Bank of England wrote an open letter to the British chancellor explaining why inflation is still above target. The GBP/USD has been trading very stable in the last three days. The next support on the daily chart is at 1.5500, and if the price breaks this level, a short position is preferred. Overall, GBP/USD traded with a low of 1.5551 and with a high of 1.5695. Today, the MPC Meeting Minutes will be released. GBP/USD – Last: 1.5553

Japanese Yen (JPY) –The Yen fell against most majors in Forex Trading, as advances by stocks and commodities dampened demand for financial safe havens. The yen also weakened as a result of speculation that Japan’s policy makers will move to slow the currency’s appreciation after it gained 9 percent against the Dollar this year. As long the USD\JPY is trading below 86.50, a short position is preferred, and the momentum is clearly bearish. The next support is located at 84.60 and we find that the 10 moving average supports a downward trend as well. Overall, USD/JPY traded with a low of 85.18 and with a high of 85.68. No economic data expected today. USD/JPY-Last: 85.38

Canadian dollar (CAD) – The Canadian Dollar strengthened against most majors as global stocks rallied and Potash Corp., of Saskatchewan Inc., received a $39 billion purchase offer that boosted demand for growth assets.  As long the USD/CAD is below 1.0400 levels, a short position is preferred and the momentum is bearish. The next support on the one hour chart is located at 1.0300, and the next resistance is located at 1.0450 levels. Overall, USD/CAD traded with a low of 1.0308 and with a high of 1.040436. No economic data is expected today. USD/CAD – Last: 1.0331              

Forex Daily News: August 18, 2010 – Euro Rises, GBP Down, on USD

August 17 2010

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USD Dollar (USD) – The Dollar weakened against most of the other major currencies amid fears over the strength of the U.S. recovery. More concern came after a flurry of mixed U.S. economic data, such as Orders and sales at New York manufacturers that decreased in August for the first time in more than a year. NASDAQ rose by 0.39% and Dow Jones weakened by 0.01%. Crude oil decreased by 0.2%, closing at $75.20 a barrel. Gold (XAU) strengthened by 0.8%, closing at $1226.20 an ounce. Today, Building Permits are expected to remain unchanged at 0.58M, PPI is expected to rise from -0.5% to 0.2%, and Treasury Sec Geithner is Speaking.

EURO (EUR) – The Euro rose versus the Dollar in Forex trading, following the release of mixed data on the U.S. economy that caused markets all over the world to fluctuate. The pair has been trading on a downtrend since last week and trading far away below the 10 moving average on the daily chart. Therefore, the momentum is strongly bearish and the next support on the one hour chart is located at 1.2730 levels. Overall, EUR/USD traded with a low of 1.2734 and with a high of 1.2871. Today, German ZEW Economic Sentiment is expected to weaken from 21.2 to 20.9, ZEW Economic Sentiment is expected at 10.6 vs. 10.7 prior. EUR/USD – Last: 1.2846 

British Pound (GBP) – The Pound rallied against the Dollar on mixed data from the U.S., which led investors to prefer the British currency over the Dollar. The GBP/USD has clearly been on a downward trend over the last few days, and the next support on the daily chart is at 1.5500. The price is still trading below the 10 moving average on the daily chart which also supports a downward trend, and the next resistance on the one hour chart is at 1.5720. Overall, GBP/USD traded with a low of 1.5534 and with a high of 1.5702. Today, CPI is expected at 3.1% vs. 3.2% prior, and the BoE Inflation Letter will be released. GBP/USD – Last: 1.5675 

Japanese Yen (JPY) –The Yen rose against most of its major counterparts, approaching a 15-year high versus the dollar, as signs the global economic recovery is faltering, boosted its appeal as a haven. As long as the USD\JPY is trading below an 86.50 level, a short position is preferred and the momentum is clearly bearish. The next support is located at 84.60 and the 20 moving average supports a downward trend, as well. Overall, USD/JPY traded with a low of 85.21 and with a high of 85.98. No economic data expected today. USD/JPY-Last: 85.35

Canadian dollar (CAD) – The Canadian Dollar swung between gains and losses versus the Dollar after the Japanese economy and manufacturing in the New York region expanded slower than economists had forecast. As long as the USD/CAD is below 1.0500 levels, a short position is preferred. The next support on the one hour chart is located at 1.0350 and the next resistance is located at 1.0500 levels. Overall, USD/CAD traded with a low of 1.0371 and with a high of 1.0465. Today, Foreign Securities Purchases are expected at 9.42B vs. 23.06B prior, and Manufacturing Sales are expected to be negative, -0.4% vs. 0.4% prior. USD/CAD – Last: 1.0411

Forex Daily News: August 17, 2010 – USD Down on Mixed Data

August 16 2010

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USD Dollar (USD) – The Dollar continued to advance against most majors on Friday as the Federal Reserve said the economic recovery will be “more modest”, that it won’t begin to shrink its balance sheet yet and data from Europe, China and America fueled demand for safety currencies like the Dollar. Retail Sales came out worse than expected at 0.4% vs. 0.5% forecast and CPI rose a bit from the forecast, 0.3% vs. 0.2%. NASDAQ and Dow Jones weakened by 0.77% and 0.16%, respectively. Crude oil decreased by 0.5% closing at $75.39 a barrel, while Gold (XAU) weakened by 10 cents closing at $1216 an ounce. Today, TIC Long-Term Purchases are expected to rise from 35.4B to 36.3B.

EURO (EUR) – The Euro weakened to a 3-week low against the U.S. dollar amid fears that the global economic recovery is losing momentum. The pair has been trading downwards since last week and trading far below the 10 moving average on the daily chart. Therefore, the momentum is strongly bearish and the next support on the one hour chart is located at 1.2750 levels. Overall, EUR/USD traded with a low of 1.2749 and with a high of 1.2906. Today, CPI is expected to remain at 1.7%. EUR/USD – Last: 1.2777    

British Pound (GBP) – The Pound continued to decline for the first week since July 9 versus the Dollar after the Bank of England said U.K. economic growth will probably peak at a 3 percent annual pace, instead of the 3.6 percent rate forecast in May. The GBP/USD has been on a clear downward trend in the last few days of Forex Trading. The next support on the daily chart is 1.5500, the price trading below the 10 moving average on the daily chart, which supports a downward trend as well. Overall, GBP/USD traded with a low of 1.5572 and with a high of 1.5679. No economic data expected today. GBP/USD – Last: 1.5573

Japanese Yen (JPY) –The Yen weakened from a 15-year high against the dollar and fell versus the euro after Japanese officials said they’re closely watching the rise of the currency, fueling concern its surge in strength may be capped. GDP came out better than expected at 2.2% vs. 1.3% forecast. As long the USD\JPY is trading below 87.0 levels, a short position is preferred and the momentum is clearly bearish. The next support is located at 84.60, and the 20 moving average supports a downward trend, as well. Overall, USD/JPY traded with a low of 85.56 and with a high of 86.37. No economic data is expected today. USD/JPY-Last: 85.80

Canadian dollar (CAD) – The Canadian Dollar declined against the US Dollar for the first week in a month as stocks and commodities tumbled, amid economic data pointing to a slowing recovery in the U.S. – the nation’s largest source of trade. As long as the USD/CAD is below 1.0500 levels, a short position is preferred. The next support on the one hour chart is located at 1.0350 and the next resistance is located at 1.0500 levels. Overall, USD/CAD traded with a low of 1.0350 and with a high of 1.0439. No economic data is expected today. USD/CAD – Last: 1.0417

Forex Daily News: August 16, 2010 – USD on the Rise

August 12 2010

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USD Dollar (USD) – The dollar made a big rally versus the majors in Forex Trading, as a slowdown of the global economic recovery pushed the investors to stay on the safe side, favoring the greenback against other currencies. The Trade Balance came out -49.9B worse than the expected -42.5B. The Federal Budget Balance came out -165B better than the expected -167.6B. The Stock Markets in the U.S tumbled with the Dow Jones losing -2.49% and the NASDAQ fell by -3.01%. Crude Oil fell by -3.5% closing at 77.3$ a barrel. Gold (XAU) is still fluctuating near the $1200 zone closing at $1198 an ounce. Today, the Initial Jobless Claims are expected at 465K vs. 479K previously. The Import Price Index is expected 0.4% vs. -1.3% previously.

EURO (EUR) – The Euro dropped heavily versus the dollar, as concerns about another slowdown in the European economy and rumors that ECB had to buy Irish debt papers fuelled the selling of the European currency. Breaking the support level of 1.2820 will extend the negative momentum for the pair. Overall, EUR/USD traded with a low of 1.2829 and with a high of 1.3185. Today, the ECB Monthly Report will come out and later the Industrial Production is expected at 0.7% vs. 1% previously. EUR/USD – Last: 1.2882       

British Pound (GBP) – The Pound slumped against the dollar as risk aversion for investors was the main trend in the market. The Claimant Count Change came out -3.8k worse than expected -17.4k. Breaking the support level of 1.5620 will extend the negative momentum for the pair. Overall, GBP/USD traded with a low of 1.5612 and with a high of 1.5861. No economic data is expected today. GBP/USD – Last: 1.5677

Japanese Yen (JPY) – The Yen gained across the board as concern the global economic recovery is moving a pace down spurred demand for the safest assets favoring the Japanese currency. The pair fell to fresh low level of 84.71 and since fluctuating near the 85 zone. Holding below the resistance level of 85.40 keeps the momentum negative for the pair. Overall, USD/JPY traded with a low of 84.71 and with a high of 85.45. No major economic data is expected today. USD/JPY-Last: 85.12

Canadian dollar (CAD) – Canada’s dollar dropped to the lowest level against the dollar in almost 3 weeks, as commodities and stocks tumbled on concerns that the recovery in the U.S. will be slower. The Trade Balance came out -1.1B worse than the expected 0.4B. Holding above the support level of 1.04 keeps the momentum positive for the pair. Overall, USD/CAD traded with a low of 1.0302 and with a high of 1.0487. No economic data is expected today. USD/CAD – Last: 1.0463

Forex Daily News: August 12, 2010 – USD Continues Rebound

August 11 2010

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USD Dollar (USD) – The Dollar gained against most of the majors before the FOMC statement and trimmed part of the profits after the Interest Rate Decision which came out unchanged at 0.25% as expected. The FED said that the pace of economic recovery is slower than expected. The Stock Markets in the U.S. finished negative with the Dow Jones losing 0.51% and the NASDAQ tumbling by -1.24%. Crude Oil fell by 1.5% to $80.20 a barrel. Gold (XAU) closed with a small gain after falling to $1190 zone but recovered and closed at $1203 an ounce. Today, the Trade Balance is expected at -42.5B vs. -42.3B previously. The Federal Budget Balance (Treasury Budget) is expected at -167.6B vs. -68.4B previously.

EURO (EUR) – The Euro weakened against the dollar in Forex Trading, breaking the 1.31 zone but jumped back to 1.32 zones after the FED in U.S announced a continuation of measures to stop the economic slowdown. As the Asian markets opened it dragged back the Euro to 1.31 areas. The German CPI came out 0.3% better than the expected 0.25%. Trading below the support level of 1.3130 keeps the momentum negative for the pair. Overall, EUR/USD traded with a low of 1.3073 and with a high of 1.3232. No economic data is expected today. EUR/USD – Last: 1.3122       

British Pound (GBP) – The Pound lost gains to the dollar reaching the 1.57 zone but jumped back to 1.59 zones after the FED interest rate decision. As the Asian markets opened, it dragged back the Sterling to 1.58 areas. The Trade Balance came out -7.4B better than the expected -7.7B. Nationwide Consumer Confidence came out at 56, worse than the expected 60. Trading below the support level of 1.5830 keeps the momentum negative for the pair. Overall, GBP/USD traded with a low of 1.5708 and with a high of 1.5906. Today, the Claimant Count Change is expected at -17.4k vs. -20.8k previously and later BoE Gov King will speak regarding the Inflation Report. GBP/USD – Last: 1.5811

Japanese Yen (JPY) – The Yen gained versus the dollar and back to 85 zones. The global recovery slowing boosted demand for the safety of Japan’s currency. The Interest Rate Decision came out as expected at 0.1%. Breaking the support level of 85.30 turns the momentum to negative for the pair. Overall, USD/JPY traded with a low of 85.16 and with a high of 86.24. Today, Monthly Report of Recent Economic and Financial Developments will be updated. USD/JPY-Last: 85.33

Canadian dollar (CAD) – The US Dollar gained versus the Canadian dollar as the Federal Reserve said it will take new measures for economic growth in the U.S. The Housing Starts came out 189k better than the expected 185k. Holding above the support level of 1.03 keeps the momentum positive for the pair. Overall, USD/CAD traded with a low of 1.0265 and with a high of 1.0387. Today, the Trade Balance is expected 0.4B vs. -0.5B previously. USD/CAD – Last: 1.0319

Forex Daily News: August 11, 2010 – Dollar Making Gains

August 10 2010

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USD Dollar (USD) – The dollar gained across the board in Forex Trading as a profit taking characterized the market before the FOMC statement today. The Stock Markets in the U.S. advanced with the Dow Jones gaining 0.42% and the NASDAQ rising by 0.75%. Crude Oil advanced by 1% and closed at $81.50 a barrel. Gold (XAU) seems to have stalled its rally and closed at $1201 an ounce. Today, the Nonfarm Productivity is expected at 0.1% vs.2.8% previously. The Unit Labor Cost is expected at 1.4% vs. -1.3% previously. After the FOMC Statement an Interest Rate Decision is expected unchanged at 0.25%.

EURO (EUR) – The Euro weakened against the dollar as it could not hold above the 1.33 zone and fell back to trade below the 1.32 zone against the Dollar, which was supported by the lack of fundamental data and some risk aversion before the FED's decision today in U.S. The German Trade Balance came out 12.3B worse than the expected 12.4B. Breaking below the support level of 1.3130 turns the momentum to negative for the pair. Overall, EUR/USD traded with a low of 1.3140 and with a high of 1.3307. Today, the German CPI is expected unchanged at 0.2%. The French Industrial Production is expected at 0.1% vs. 1.7% previously. EUR/USD – Last: 1.3146           

British Pound (GBP) – The Pound lost gains to the dollar after struggling with the 1.5950 area and fell back below the 1.5850 zone. The RICS House Price Balance came out -8% worse than the expected 5%. Breaking below the support level of 1.5830 turns the momentum to negative for the pair. Overall, GBP/USD traded with a low of 1.5772 and with a high of 1.5995. Today, the Trade Balance is expected at -7.7B vs. -8.1B previously. The Nationwide Consumer Confidence is expected at 60 vs. 63 previously. GBP/USD – Last: 1.5801

Japanese Yen (JPY) – The Dollar gained versus the Yen and moved upwards from the 85 low to the 86 zones according to the main trend of the dollar's strength across the board and in expectation of the Interest Rate Decision in Japan. Holding above the support level of 85.30 turns the momentum to positive for the pair. Overall, USD/JPY traded with a low of 85.24 and with a high of 86.04. Today, the Interest Rate Decision is expected unchanged at 0.1%. USD/JPY-Last: 85.81

Canadian dollar (CAD) – Canada's dollar slightly weakened versus the U.S Dollar as it traded in a narrow range on speculations that the FED will take steps to provide more stimulus in the U.S. Breaching above the resistance level of 1.03 turns the momentum to positive for the pair. Overall, USD/CAD traded with a low of 1.0255 and with a high of 1.0298. Today, The Housing Starts are expected at 185K vs. 193K previously. USD/CAD – Last: 1.0295

Forex Daily News: August 10, 2010 – Dollar Rebounds

August 09 2010

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USD Dollar (USD) – The Dollar tumbled against 15 of its 16 major counterparts in Forex Trading after disappointing NFP data which came out -131k twice worse than the expected -65k, showing that U.S economy remains weak and adding concerns about the economic recovery. The Unemployment Rate came out 9.5% better than expected at 9.6%. The Stock Markets in U.S reacted negatively to the data with both the Dow Jones and the NASDAQ sliding by -0.2%. Crude Oil fell by 1.6% closing at 80.82$ a barrel. Gold (XAU) breached the 1200$ level and closed at $1205.10 an ounce. No economic data is expected today.

EURO (EUR) – The Euro appreciated against the dollar after a bad jobs report in the U.S and the pair reached the highest levels since May at 1.3333 but closed below the 1.3 zone. The German Industrial Production Report came out -0.6%, worse than the expected 0.9%. Holding above the support level of 1.3130 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3156 and with a high of 1.3333. Today, the German Trade Balance is expected at 12.4B vs. 10.6B previously. EUR/USD – Last: 1.3280

British Pound (GBP) – The Pound gained against the dollar after a negative jobs report in the U.S and the pair reached fresh 6 month highs at 1.5995. The Manufacturing Production Report came out at 0.3%, worse than the expected 0.5%. The PPI Input came out -1%, worse than the expected -0.4%. Holding above the support level of 1.5880 keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5838 and with a high of 1.5995. Today, the RICS House Price Balance is expected at 5% vs. 9% previously. GBP/USD – Last: 1.5975

Japanese Yen (JPY) – The dollar traded near an 8 month low against the yen reaching the 85.02 level on a speculation the FED will take steps for providing more stimulus after the far worse than expected NFP data. Holding above the support level of 85.30 might rebound the pair back to the 86 zone. Overall, USD/JPY traded with a low of 85.02 and with a high of 86.17. No major economic data is expected today. USD/JPY-Last: 85.39

Canadian dollar (CAD) – The Canada's dollar was the only currency which weakened against the US dollar after the NFP data. Crude Oil, Canada's biggest export, fell and pressured the currency down. The Employment Change came out at -9.3%, worse than the expected 10.3%. The Unemployment Rate came out at 8%, worse than the expected 7.9%. The Ivey PMI came out at 54, worse than an expected 56.3. Overall, USD/CAD traded with a low of 1.0146 and with a high of 1.0305. No economic data is expected today. USD/CAD – Last: 1.0272

Forex Daily News: August 9, 2010 – Poor NFP Data Sends USD Sliding

August 05 2010

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USD Dollar (USD) – The Dollar traded mixed against the major currencies after the ADP Non-Farm Employment Change came out 42k better than the expected 25k. The Stock Markets in US reacted positively to the data with Dow Jones gaining 0.41% and the NASDAQ appreciating by 0.88%. Crude Oil closed almost unchanged from yesterday at $82.42 a barrel. Gold (XAU) touched once again the known level of $1200 an ounce after 6 consecutive days of climbing and closed nearly below. Today, The Initial Jobless Claims are expected at 455k vs. 457k previously.

EURO (EUR) – The Euro weakened against the dollar in Forex Trading after a better than expected US ADP data came out, which supported the dollar. Retail Sales came out unchanged as expected at 0%. The momentum might turn to negative if the pair will break below the support level of 1.3130. Overall, EUR/USD traded with a low of 1.3130 and with a high of 1.3239. Today, the German Factory Orders are expected at 1.5% vs. -0.5% previously. The Interest Rate Decision is expected unchanged at 1%. EUR/USD – Last: 1.3150       

British Pound (GBP) – The Pound weakened against the dollar after it climbed 9 days consecutively as the Services PMI report showed that U.K. services growth slowed to the lowest in 13 months in July as it came out 53.1 worse than an expected 54.5. The momentum might turn to negative if the pair will break below the support level of 1.5850. Overall, GBP/USD traded with a low of 1.5854 and with a high of 1.5962. Today, the Interest Rate Decision is expected unchanged at 0.5%. GBP/USD – Last: 1.5880

Japanese Yen (JPY) – The dollar touched a new low against the yen at 85.3 levels but soon after jumped above the 86 levels. The momentum might turn to positive if the pair will not break below the support level of 85.30. Overall, USD/JPY traded with a low of 85.31 and with a high of 86.37. No economic data expected today. USD/JPY-Last: 86.04

Canadian dollar (CAD) – The Canadian Dollar reached a new high since May vs. the American dollar as risk aversion among investors is not attractive. The high price of Crude Oil supports the Canadian Dollar’s strength. Breaking below the support level of 1.0130 might extend the negative trend of the pair. Overall, USD/CAD traded with a low of 1.0162 and with a high of 1.0270. Today, the Building Permits report is expected at 0.6% vs. -10.8% previously. USD/CAD – Last: 1.0171

Forex Daily News: August 5, 2010 – USD Makes a Small Rebound

August 04 2010

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USD Dollar (USD) – The Dollar weakened against most major currencies after negative data that was released, succeeded to support a weakening Dollar. Pending Home Sales came in much lower than expected (-2.6% vs. 0.5% forecast) and Personal Spending also weakened a bit from the expected forecast (0.0% vs. 0.1%). NASDAQ and Dow Jones weakened by 0.52% and 0.36% respectively, crude oil rose by 1.5% closing at $82.55 a barrel, Gold (XAU) strengthened by 0.2% closing at $1187.5 an ounce. Today, ADP Non-Farm Employment Change is expected to rise from 13K to 38K, ISM Non-Manufacturing PMI is expected at 53.2 vs.53.8.

EURO (EUR) – The Euro strengthened to a three month high versus the Dollar after industry data showed that U.S. pending home sales fell less than expected in June, which led Forex Trading investors to prefer the euro instead of the Dollar. The pair has been trading upwards since July and succeeded to break all the resistances levels that it had, therefore the momentum is strongly bullish. The next resistance on the four hours chart is located at 1.3380 level. Overall, EUR/USD traded with a low of 1.3147 and with a high of 1.3262. Today, Retail Sales are expected to be 0.0% vs. 0.1% previously. EUR/USD – Last: 1.3226

British Pound (GBP) – The Pound continued to advance versus the Dollar and has reached to the strongest levels since Feb as former Bank of England Deputy Governor John Gieve said policy makers shouldn’t loosen monetary policy further or purchase bonds, given the economy is showing signs of strengthening . The GBP/USD is on a clearly upwards trend, with RSI showing that it should continue to rise and probably will cross the 1.60 level. The next support on the one hour chart is 1.5850. Overall, GBP/USD traded with a low of 1.5861 and with a high of 1.5968. Today, Halifax HPI is expected at -0.4% vs. -0.6% prior, Services PMI is expected at 54.5 vs. 54.4. GBP/USD – Last: 1.5935

Japanese Yen (JPY) –The Yen strengthened to an eight month high against the Dollar as concern that the U.S. may require additional stimulus measures to boost its economic recovery dampened investor appetite for the Dollar. as long the USD/JPY is trading below 87.0 level a short position is preferred and the momentum is clearly bearish, the next support is located at 85.60, the 10 moving average support a downwards trend as well. Overall, USD/JPY traded with a low of 85.66 and with a high of 86.60. No economic data is expected today. USD/JPY-Last: 85.51

Canadian dollar (CAD) – The Canadian Dollar depreciated for the first time in four days as signs of weakening growth in the U.S., the nation’s largest trading partner, point to diminished economic prospects. As long the USD/CAD is below 1.0400 levels, the momentum is bearish. The next support on the daily chart is located at 1.0140 and the next resistance is located at 1.0300 levels. Overall, USD/CAD traded with a low of 1.0219 and with a high of 1.0274. No economic data expected today. USD/CAD – Last: 1.0236

Forex Daily News: August 4, 2010 – GBPound-ing the USD

August 03 2010

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USD Dollar (USD) – The Dollar weakened against most major currencies in Forex Trading as risk appetite was boosted by better than expected U.S. data on manufacturing activity which came out at 55.5 vs. 54.2 forecasts, succeeded to support risky assets instead of the dollar. Federal Reserve Chairman Ben Bernanke said rising wages would probably spur household spending in the next few quarters, even as weak job gains dragged down consumer confidence. The NASDAQ and Dow Jones rose by 1.80% and 1.99% respectively, crude oil jumped by 3.0% closing at $81.34 a barrel, Gold (XAU) strengthened by 0.1% and closing at $1185.4 an ounce. Today, Pending Home Sales are expected to become positive from -30.0% to 0.5%.

EURO (EUR) – The Euro strengthened to a three-month high versus the Dollar as a report showed U.S. manufacturing expanded for a 12th straight month. The pair has succeeded to break the resistance at 1.3110, therefore the momentum is strongly bullish, the next resistance is located at 1.3200 level. Overall, EUR/USD traded with a low of 1.3055 and with a high of 1.3195. EUR/USD – Last: 1.3165

British Pound (GBP) – The Pound rose to the highest level in almost six months against the Dollar as a report showed U.K. manufacturing expanded for a 10th straight month in July, a sign the U.K. economy is recovering faster than some economists had forecast. As long the pair is trading above the resistance at 1.5660 on the daily chart the momentum is clearly bullish, the next support on the one hour chart is 1.5665. Overall, GBP/USD traded with a low of 1.5700 and with a high of 1.5907. GBP/USD – Last: 1.5876

Japanese Yen (JPY) –The Yen fell against most of his major as signs the global recovery is gaining momentum fueled investor appetite for riskier assets. The main resistance of the USD/JPY on the one hour chart is 87.00 level, as long it's trading below this level a short position is preferred and the momentum is clearly bearish, the next support is located at 85.90, the main momentum is clearly bearish. Overall, USD/JPY traded with a low of 86.32 and with a high of 86.88. USD/JPY-Last: 86.37

Canadian Dollar (CAD) – The Canadian Dollar strengthened against the Dollar, reaching the strongest level since June 22, as futures on crude oil, the nation’s largest export, climbed 3.2 percent to $81.44 a barrel, succeeding to push the Canadian as well. As long the USD/CAD is below 1.0400 levels, the momentum is bearish, the next support on the daily chart is located at 1.0140. Overall, USD/CAD traded with a low of 1.0204 and with a high of 1.0290. USD/CAD – Last: 1.0241

Forex Daily News: August 3, 2010 – USD Down on Manufacturing Data