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Crude Oil Tumbles

UFXBank Research from UFX Bank at 11/25/09


Daily Review 25/11/2009

USD Dollar (USD) – The Dollar lost an important part of previous gains after the minutes of the FOMC showed that the FED sees a slow recovery and expects the unemployment rate to remain at high levels. Earlier, The GDP came out 2.8% worse than expected 2.9%. The U.S. markets ended with minor losses. Dow Jones ended the session with a loss of -0.16%, NASDAQ fell by -0.31% and the S&P 500 decreased by -0.05%. Gold (XAU) did not reach new highs closing at 1168$ an ounce. Crude Oil tumbled and closed under 76$ a barrel. Today, The Core Durable Goods Orders expected 0.8% vs. 0.9% previously. The Initial Jobless Claims expected 500K vs. 505K previously. The New Home Sales expected 408K vs. 402K previously.
EURO (EUR) – The Dollar lost daily gains against the Euro but the Euro failed one more time to break above 1.5. The pair is still moving sideways between 1.5050 and 1.48. The German GDP came out as expected unchanged at 0.7%. The German IFO Business Climate Index came out 93.9 better than expected 92.5. The Industrial New Orders came out 1.5% also better than expected 0.6%. Overall, EUR/USD traded with a low of 1.4888 and with a high of 1.4988. Today, The Gfk German Consumer Climate expected 4.3 vs. 4 previously.
EUR/USD - Last: 1.4968

Resistance 1.5 1.502 1.505
Support 1.492 1.489 1.485

British Pound (GBP) – The Dollar rose against Pound. Cable ended a few pips below the opening price against the Dollar after being rejected from levels below 1.65, but the Pound failed to get back above 1.66. The BBA Mortgage Approvals came out 42.2K worse than expected 44K. The Business Investment came out -3% better than expected -3.5%. Overall, GBP/USD traded with a low of 1.6496 and with a high of 1.6617. Today, the GDP expected -0.3% vs. -0.4% previously.
GBP/USD - Last: 1.6605

Resistance 1.6605 1.665 1.6775
Support 1.653 1.65 1.646

Japanese Yen (JPY) – The Yen was the best performer among major and rose across the board. USD/JPY consolidated below 89.00 and broke below the support. The Trade Balance came out 0.42T better than expected 0.31T. Overall, USD/JPY traded with a low of 88.34 and with a high of 89.06. Today, The Bank of Japan (BOJ) Monetary Policy Meeting Minutes expected.
USD/JPY-Last: 88.48

Resistance 88.8 89.1 89.3
Support 88.35 88.2 87.95

Canadian dollar (CAD) – The Canadian Dollar weakened against its U.S. counterpart as crude oil, the nation’s largest export, and global equities slide, diminishing the appeal of currencies tied to growth. Overall, USD/CAD traded with a low of 1.0552 and with a high of 1.0642. Today, No economic data expected.
USD/CAD - Last: 1.0560

Resistance 1.0645 1.0667 1.069
Support 1.056 1.054 1.0505

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