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Low volume session on Dollar, Euro and Sterling fell against Dollar

UFXBank Research from UFX Bank at 02/16/10


Daily Review 16/02/2010

USD Dollar (USD) – The Dollar traded in a narrow range on a low volume session with the US markets closed for President's Day. Crude oil closed at 74 $ a barrel, Gold (XAU) gained and closed at 1100$ an ounce. Today, The NY Empire State Manufacturing Index is expected at 17 vs. 15.9 previously. The Treasury International Capital (TIC) Net Long-Term Transactions is expected at 50B vs. 126.8B previously.

EURO (EUR) – The Euro fell modestly against the Dollar still trading near the 1.36 level. The euro traded near the lowest level in almost nine months as European leaders refused to detail how they would rescue Greece if it fails to finance its debt. Italian Trade Balance index came out -0.12B better than -0.75B expected. As long as the Euro is below resistance at 1.37 it is still on a downtrend. Overall, EUR/USD traded with a low of 1.3577 and with a high of 1.3632. Today, The German ZEW Economic Sentiment is expected at 42.5 vs. 47.2 previously.
EUR/USD – Last: 1.3619

Resistance 1.3645 1.3675 1.3735
Support 1.355 1.35 1.345

British Pound (GBP) – The Sterling fell against the Dollar trading below 1.57 levels. The Pound has been trading between 1.5560 and 1.5760 for a almost a week and until those levels are breached it remains in this channel. Overall, GBP/USD traded with a low of 1.5611 and with a high of 1.5719. Today, the CPI is expected at 3.6% vs. 2.9% previously and the Core CPI is expected at 3.2% vs. 2.8% previously.
GBP/USD - Last: 1.5682

Resistance 1.5725 1.5765 1.58
Support 1.5625 1.5565 1.5495

Japanese Yen (JPY) – The Japanese Yen trading on a narrow range near the 90 levels. An upside acceleration could be seen if the pair manages to trade above the 90.25 level. Overall, USD/JPY traded with a low of 89.89 and with a high of 90.22. Today, the Tertiary Industry Index is expected unchanged at -0.2%.
USD/JPY-Last: 90

Resistance 90.35 90.75 91.25
Support 89.75 89.5 89.15

Canadian dollar (CAD) – The Dollar extended the fall to a 4 week low against the Canadian Dollar trading around 1.0470, capped by the 1.0770 level. Commodity linked currencies such as the Canadian and Australian Dollar gained versus the American Dollar on expectance of higher Chinese growth. Breaking below 1.0480 levels might extend gains in the Canadian Dollar. Overall, USD/CAD traded with a low of 1.0462 and with a high of 1.0531. Today, The Manufacturing Sales is expected at 2% vs. 0.1% previously.

USD/CAD - Last: 1.0484

Resistance 1.051 1.0532 1.0575
Support 1.0465 1.0445 1.041

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