USD Dollar (USD) – The Dollar weakened against most of the other major currencies after Federal Reserve Chairman Ben S. Bernanke said that the jobless rate probably won’t return to normal levels for several years. NASDAQ weakened by 0.29% and Dow Jones strengthened by 0.06%, Crude oil weakened by 0.3% after it was very volatile during the day owing to the crude oil inventories data, in the end closed at 86.71$ a barrel, Gold (XAU) continued to rise ,strengthened by 0.1%, closed at 1365.5$ an ounce. Today, Unemployment Claims are expected to decline from 415K to 413K, Federal Budget Balance is expected at -69.50B vs. -80.00B prior.
Euro (EUR) – The Euro continued to strengthen versus the Dollar as the pessimistic declaration from Ben S. Bernanke supported a stronger Euro. The EUR/USD’s momentum is bullish as long it’s trading above the 1.3650 level and above the 10 moving average on the daily chart. Overall, EUR/USD traded with a low of 1.3610 and with a high of 1.3744. Today, ECB monthly bulletin .
EUR/USD – Last: 1.3650
| Resistance | 1.3745 | 1.3815 | 1.3860 |
| Support | 1.3610 | 1.3560 | 1.3500 |
British Pound (GBP) – The Pound rose against the Dollar as speculations believe that accelerating inflation may prompt the Bank of England to raise interest rates shortly. The GBP/USD‘s resistance is 1.6100 on the daily chart, if the pair breakup this level the pound probably will hit 1.6200 level. Overall, GBP/USD traded with a low of 1.6033 and with a high of 1.6124. Today, interest rate decision is expected to remain unchanged at 0.5%, Manufacturing Production is expected at 0.50% vs. 0.60% prior.
GBP/USD – Last: 1.6070
| Resistance | 1.6125 | 1.6175 | 1.6230 |
| Support | 1.6085 | 1.6050 |
Japanese Yen (JPY) - The Yen continued to trade with a narrow range and closed almost unchanged after no serious data from the Japanese and the US regions effected on this pair. The USD/JPY traded with a very narrow range during the Europe and the US sessions yesterday, as long as the rate between 82.00-83.00 the direction is still unclear. Overall, USD/JPY traded with a low of 82.20 and with a high of 82.66. No economic data expected today.
USD/JPY-Last: 82.55
| Resistance | 82.65 | ||
| Support | 82.30 | 82.15 | 81.80 |
Canadian dollar (CAD) - The Canadian Dollar erased half of its advance versus the Dollar as crude oil in the end of the US session weakened. The USD/CAD was very stable during yesterday, as long as the rate below 1.0000 the Canadian Dollar is still more attractive, the next support level on the one hour chart is located at 0.9920 .Overall, USD/CAD traded with a low of 0.9915 and with a high of 0.9955. No major economic data expected today.
USD/CAD – Last: 0.9960
| Resistance | 0.9965 | ||
| Support | 0.9930 | 0.9915 | 0.9860 |
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