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Crude Oil Continues to Rise

UFXBank Research from UFX Bank at 01/11/10


Daily Review 11/01/2010

USD Dollar (USD) – The Dollar posted its biggest weekly loss since November versus the major currencies as an unexpected drop in jobs boosted speculation that the Federal Reserve may extend stimulus measures. The Nonfarm Payrolls came out -85K versus -3K expected. The Unemployment rate came out better than expected with 10%. Wall Street reacted with modest gains after the jobs data. Dow Jones rose by 0.11% and NASDAQ appreciated by 0.74%. Crude oil rose and closed at 82.89$ a barrel. Gold (XAU) closed at 1137$ an ounce. Today, No economic data expected.
EURO (EUR) – The Euro gained versus the Dollar after worse than expected jobs report lowered the chance that the Federal Reserve will raise interest rates in the near term. The Unemployment Rate came out worse than expected with 10%. The GDP came out unchanged at 0.4% as expected. On the technical view, if the Euro sustains above the 1.4480 level, an upside run to 1.4680 could be seen. Overall, EUR/USD traded with a low of 1.4266 and with a high of 1.4438. Today, The French Industrial Production expected at 0.4% vs. -0.8% previously.
EUR/USD – Last: 1.4480

Resistance 1.45 1.4580 1.4620
Support 1.436 1.4325 1.427

British Pound (GBP) – The Pound rose against the Dollar after worse than expected U.S unemployment Data. Producer Price Index (PPI) Input came out 0.1% higher than -0.2% expected, a sign that inflation is picking up. On the technical view, only if the GBP sustains above the 1.6080 level, upside run to 1.6280 could be seen. Overall, GBP/USD traded with a low of 1.5915 and with a high of 1.6110. Today, No economic data expected.
GBP/USD - Last: 1.6065

Resistance 1.6080 1.6130 1.6235
Support 1.6020 1.598 1.5955

Japanese Yen (JPY) – The Dollar slid from a 4 month high against the Yen on speculation the Japanese government will maintain pressure on the central bank to take more policy measures to revive economic growth. On the technical view, a technical adjustment can continue to the 91.20 level. Overall, USD/JPY traded with a low of 92.25 and a high of 93.76. Today, Japanese banks will be closed hence Low liquidity and irregular volatility could be expected.
USD/JPY-Last: 92.3

Resistance 93.1 93.4 93.8
Support 92.3 91.92 91.65

Canadian dollar (CAD) – The Canadian Dollar advanced versus the Dollar as a commodities rose. The Employment Change came out -2.6K worse than 20K expected. The Unemployment Rate came out 8.5% as expected. On the technical view, continuation of the main downtrend could be seen to the 1.02 level. Overall, USD/CAD traded with a low of 1.0293 and with a high of 1.0382. Today, The Housing Starts are expected at 160K vs.159K prior. The Building Permits are expected at -1% vs. 18% prior.
CAD/USD - Last: 1.0280

Resistance 1.0385 1.0425 1.0455
Support 1.0265 1.0205 1.0185

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