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Daily Review 15/12/2009

Discussion in 'Forex Daily News & Outlook' started by UFXBank research, Dec 15, 2009.

  1. UFXBank research

    UFXBank research New Member

    Nov 14, 2009
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    USD Dollar (USD)

    The Dollar weakened slightly versus the majors as the Dollar rally took a relief. NASDAQ and Dow Jones gained by 0.99% and 0.28% respectively as Dubai\'s bailout calmed investor fears. Crude weakened for the 9th straight day lowering by -0.43% closing at 69.57$ a barrel. Gold (XAU) gained by 0.54% closing at 1123.30$ an ounce. Today, PPI is expected with 0.8% versus 0.3% prior. Industrial Production is expected with 0.6% versus 0.1% prior. TIC Long Term Purchases is expected with 38.3B versus 40.7B prior.

    EURO (EUR)

    The Euro gained slightly versus the Dollar as Dubai World\'s bailout eased banks concerns of major write downs. Industrial Production came out as expected with -0.6%. Overall, EUR/USD traded with a low of 1.4607 and with a high of 1.4685. Today, German ZEW Economic Sentiment is expected weaker with 50.1 versus 51.1 prior.

    EUR/USD - Last: 1.4655

    Resistance 1.4685 1.4775 1.4825
    Support 1.4585 1.4535 1.4470

    British Pound (GBP)

    The Pound gained slightly versus the Dollar but is still unable to break above or below the 1.6350 and 1.62 range. RICS House Price Balance came out weaker with 35% versus 39% forecast. Overall, GBP/USD traded with a low of 1.6188 and a high of 1.6324. Today, CPI is expected with 1.8% versus 1.5% prior.

    GBP/USD - Last: 1.6300

    Resistance 1.6340 1.6380 1.6425
    Support 1.6250 1.6190 1.6150

    Japanese Yen (JPY)

    The Yen gained versus the Dollar and other majors after Tanken Manufacturing Index came out stronger than expected. The Yen is set to replace the Dollar in the Carry Trading as borrowing costs in Japan became almost as cheap as U.S loans. Overall, USD/JPY traded with a low of 88.32 and a high of 89.29 and EUR/JPY traded with a low of 129.18 and a high of 130.64. Today, Tertiary Industry Activity is expected with 0.5% versus -0.5% prior.

    USD/JPY-Last: 88.75

    Resistance 89.00 89.25 89.85
    Support 88.35 88.00 87.40

    Canadian Dollar (CAD)

    The Canadian Dollar remained unchanged versus the Dollar as no major news was released and Crude prices were merely changed. Overall, USD/CAD traded with a low of 1.0484 and a high of 1.0623. Today, Leading Index is expected with 0.6% versus 0.7% prior and Labor Productivity is expected with -0.4% versus 0.0% prior.

    USD/CAD - Last: 1.0580

    Resistance 1.0635 1.0670 1.0700
    Support 1.0550 1.0515 1.0480
    UFX Bank Research

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