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Low Volume Session on Thursday

UFXBank Research from UFX Bank at 12/28/09


Daily Review 28/12/2009

USD Dollar (USD) – The Dollar finished mixed versus the majors after a low volume session on Thursday ahead of Christmas Eve. Core Durable Goods Orders came out 2% better than 1% expected. Initial Jobless Claims came out 452K better than 470K expected. The bigger than expected drop in jobless claims helped stocks reaching new 15-month highs in the U.S. The Dow Jones rose 0.51% and the NASDAQ 0.71%. Gold (XAU) rose back above 1100$ mark closing at $1,104 an ounce. Crude oil rose for a 3rd day closing at $77.7 a barrel. No economic data expected today.
EURO (EUR) – The Euro gained on Thursday versus the Dollar, Pound and the Yen. On the Daily chart seems like the Euro trying to recover and rise back while keeping above the 1.43 level. If the 1.44 level will eventually breach, an upside till 1.4680 could be expected. Overall, EUR/USD traded with a low of 1.4322 and a high of 1.4416. No economic data expected today.
EUR/USD - Last: 1.4370

Resistance 1.4415 1.4445 1.45
Support 1.433 1.4275 1.4237

British Pound (GBP) – The Sterling remained unchanged versus the Dollar on Thursday but kept showing signs of weakness, as it was unable to remain above the 1.6 level. The Pound has been moving sideways between 1.60 and 1.59 for the last 4 trading sessions and another breakdown is possible. Overall, GBP/USD traded with a low of 1.5926 and a high of 1.6020. UK banks will be closed today ahead of Boxing Day. Low liquidity and irregular volatility are expected.
GBP/USD - Last: 1.5960

Resistance 1.5995 1.6025 1.6075
Support 1.592 1.5845 1.5775

Japanese Yen (JPY) – The Yen weakened slightly on Thursday versus the Dollar and the Euro. Japanese Industrial Production came out better with 2.6% versus 2.5% expected. Retail Sales declined less than expected heading to 15th consecutive months of declines. The Yen is consolidating below the 92 level and if it won't manage to break above the 92 level a correction back to 90 is expected. Overall, USD/JPY traded with a low of 91. 12 and a high of 91.75. No economic data expected today.
USD/JPY-Last: 91.60

Resistance 91.9 92.15 92.35
Support 91.45 91.1 90.6

Canadian Dollar (CAD) – Canada’s Dollar continued climbing against its U.S. counterpart as commodities and stocks advanced. The pair managed to hold above the 1.04 support since the end of October and a break below this level could lead to a continuance of the downtrend. Overall, USD/CAD traded with a low of 1.0446 and a high of 1.0505.Today, Canadian banks will be closed. Low liquidity and irregular volatility could be seen.
USD/CAD - Last: 1.0480

Resistance 1.052 1.054 1.057
Support 1.0448 1.0415 1.04

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