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Dow Jones Closes at Highest Level in 13 Months

UFXBank Research from UFX Bank at 11/24/09


Daily Review 24/11/2009

USD Dollar (USD) – The rally in Europe and Wall Street put pressure on the Dollar that fell across the board and rose only against the Yen. The existing home sales data that came at 6.1M, better than the 5.7M expected and comments about interest rate staying at low levels for some time fueled stocks. Dow Jones closed at the highest level in 13 months and ended the session with a gain of 1.29%. NASDAQ rose by 1.4% and the S&P 500 increased by 1.36%. Gold (XAU) posted new record highs above $1,170. Crude Oil jumped at the early trading hours but closed almost unchanged near the 77.5$ a barrel. Today, the GDP expected at 3% vs. 3.5% previously. The CB Consumer Confidence expected unchanged at 47.7. Also, later Federal Open Market Committee will be expected.
EURO (EUR) – The Euro strengthened against the Dollar trying to touch the 1.5 level but failed to breach above. The French PMI came out 54.2 worse than expected 55.4. The German Manufacturing PMI came out 52 better than expected 51.7. The Manufacturing PMI came out 51 worse than expected 51.4. Overall, EUR/USD traded with a low of 1.4832 and with a high of 1.5. Today, the German GDP expected unchanged at 0.7%. The German IFO Business Climate Index expected 92.5 vs. 91.9 previously. The Industrial New Orders expected at 0.6% vs. 2% previously.
EUR/USD - Last: 1.4948

Resistance 1.501 1.505 1.509
Support 1.492 1.488 1.4855

British Pound (GBP) – The Pound gained for the first time in 5 days against the Dollar following the rally in stocks as growing confidence in the global economic recovery is gathering pace. Overall, GBP/USD traded with a low of 1.6470 and with a high of 1.6647. Today, the BBA Mortgage Approvals expected 44K vs. 42.1K previously. The Business Investment expected -3.5% vs. -10.2% previously.
GBP/USD - Last: 1.6565

Resistance 1.667 1.6725 1.6775
Support 1.6585 1.6535 1.65

Japanese Yen (JPY) – The Yen fell across the board and was among the worst performers of the day. The pair continues to move at a very slow pace. Still, the pair has no clear cues for next trend development. USD/JPY traded with a low of 88.56 and with a high of 89.17. Today, the Bank of Japan Monthly Report is expected.
USD/JPY-Last: 88.88

Resistance 89.35 89.5 89.65
Support 88.9 88.75 88.5

Canadian dollar (CAD) – The Canadian Dollar currency jumped against the US Dollar as the Core Retail Sales came out 1.1% better than expected 0.4%. The rise in gold and crude oil raised the demand of currencies tied to commodity prices. Overall, USD/CAD traded with a low of 1.0538 and with a high of 1.0707. Today, No economic data expected.
USD/CAD - Last: 1.0590

Resistance 1.063 1.0665 1.069
Support 1.054 1.0505 1.0475

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