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EUR weakens to USD

UFXBank Research from UFX Bank at 11/11/09


Daily Review 11/11/2009

USD Dollar (USD) – The Dollar rose during Europe session on speculation demand for riskier assets will drop. NASDAQ decreased by 0.14% and Dow Jones slightly rose by 0.20%. Crude oil declined by 0.5% closed approximately to 79$ a barrel. Gold (XAU) rose by 0.1% closed at 1102.5$ an ounce. There are no data today due to bank holiday.
EURO (EUR) –The Euro weakened versus the Dollar after German investor confidence declined more than economists forecast in November as the prospect of expiring government stimulus programs and rising unemployment tempered expectations for economic growth. Overall, EUR/USD traded with a low of 1.4938 and with a high of 1.5019. Today, Buba President Weber Speaks.

EUR/USD - Last: 1.4984

Resistance 1.5020
Support 1.4944 1.4917 1.4828

British Pound (GBP) – The Pound decreased versus the dollar after Former U.K. Chancellor of the Exchequer Kenneth Clarke said that Bank of England Governor Mervyn King is unlikely to seek interest-rate increases in the next year. GBP/USD traded with a low of 1.6601 and with a high of 1.6787. Today, Claimant Count Change is expected at 20.2K vs. 20.8K prior, BOE Gov King Speaks and published the inflation report.

GBP/USD - Last: 1.6722

Resistance 1.6750 1.6788 1.6830
Support 1.6600 1.6535 1.6465

Japanese Yen (JPY) –The Yen strengthened against most majors after Japanese bank lending rose 1.5 percent in October from a year earlier, matching a 1-1/2-year low hit in September as corporate demand for funds remained weak in a still fragile economy. Overall, USD/JPY traded with a low of 89.68 and with a high of 90.17. In Addition, Core Machinery Orders came out better than expected at 10.5% vs. 3.4% forecast. No economic data expected today.

USD/JPY-Last: 89.42

Resistance 89.62 89.88 90.20
Support 89.36

Canadian dollar (CAD) – The Canadian Dollar rose for the first time in three days and traded near the highest since July 2008 versus the Dollar as traders speculated it will hit parity with the U.S. currency on a global economic rebound and weakness in the Dollar. Overall, USD/CAD traded with a low of 1.0483 and with a high of 1.0606. There are no data today due to bank holiday.

CAD/USD - Last: 1.0493

Resistance 1.0541 1.0606 1.0677
Support 1.0475

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