USD Dollar (USD) – The Dollar traded mix against most of the other major currencies. The stock market closed mixed when the NASDAQ strengthened by 0.28% and the Dow Jones fell by 0.04%. Crude oil fell by 0.9% and closed at $84.81 per barrel. Gold (XAU) rose by 0.4%, and closed at $1365.10 an ounce. Today, the Core Retail Sales (MoM) are expected at 0.60% vs. 0.50% previously and Retail Sales are expected at 0.50% vs. 0.60% last time.
Euro (EUR) – The euro fell versus most of its major counterparts, reaching the lowest level in more than three weeks against the dollar, as European finance ministers ruled out immediate steps to tackle the region’s debt crisis. The EUR/USD broke down the support level at 1.3500 and the next support level is now located at 1.3400. Overall, EUR/USD traded with a low of 1.3428 and with a high of 1.3558. Today, the German ZEW Economic Sentiment is expected at 20.20 vs. 15.40 previously and the German GDP is expected at 0.50% vs. 0.70% previously.
EUR/USD – Last: 1.3510
British Pound (GBP) – The pound strengthened against the dollar before reports this week which may show inflation is gathering pace, further reinforcing speculation that the Bank of England will raise interest rates this year to curb price growth. The GBP/USD‘s support is at 1.6000 on the daily chart and the resistance level is located at 1.6200. Overall, GBP/USD traded with a low of 1.5981 and with a high of 1.6077. Today, the CPI is expected at 4.00% vs. 3.70% previously and the BOE Inflation Letter will be published only when the CPI is above 3.0%.
GBP/USD – Last: 1.6051
Japanese Yen (JPY) –The Yen rose against the greenback after publishing their GDP, which came out at -0.30%, better than the expected -0.50%. The USD/JPY couldn’t break down the support level at 83.00 and was captured again around 83.40 levels. Overall, USD/JPY traded with a low of 83.10 and with a high of 83.49. Today, the interest rate decision is expected unchanged at 0.10% and the Industrial Production report (MoM) is expected unchanged at 3.10%.
USD/JPY-Last: 83.38
Canadian dollar (CAD) – The Canadian Dollar advanced against the Euro for a third day on speculation that the Bank of Canada may raise interest rates sooner than the European Central Bank. However, the Canadian dollar did weaken against the U.S dollar. The USD/CAD’s support is located at 0.9840, and as long as the rate is below 1.0000 the Canadian Dollar is still more attractive. The next resistance level on the four hour chart is located at 0.9920. Overall, USD/CAD traded with a low of 0.9847 and with a high of 0.9902. Today, no major economic data is expected.
USD/CAD – Last: 0.9876
Euro (EUR) – The euro fell versus most of its major counterparts, reaching the lowest level in more than three weeks against the dollar, as European finance ministers ruled out immediate steps to tackle the region’s debt crisis. The EUR/USD broke down the support level at 1.3500 and the next support level is now located at 1.3400. Overall, EUR/USD traded with a low of 1.3428 and with a high of 1.3558. Today, the German ZEW Economic Sentiment is expected at 20.20 vs. 15.40 previously and the German GDP is expected at 0.50% vs. 0.70% previously.
EUR/USD – Last: 1.3510
| Resistance | 1.3576 | 1.3641 | 1.3735 |
| Support | 1.3500 | 1.3440 | 1.3400 |
British Pound (GBP) – The pound strengthened against the dollar before reports this week which may show inflation is gathering pace, further reinforcing speculation that the Bank of England will raise interest rates this year to curb price growth. The GBP/USD‘s support is at 1.6000 on the daily chart and the resistance level is located at 1.6200. Overall, GBP/USD traded with a low of 1.5981 and with a high of 1.6077. Today, the CPI is expected at 4.00% vs. 3.70% previously and the BOE Inflation Letter will be published only when the CPI is above 3.0%.
GBP/USD – Last: 1.6051
| Resistance | 1.6100 | 1.6170 | 1.6265 |
| Support | 1.6000 | 1.5964 |
Japanese Yen (JPY) –The Yen rose against the greenback after publishing their GDP, which came out at -0.30%, better than the expected -0.50%. The USD/JPY couldn’t break down the support level at 83.00 and was captured again around 83.40 levels. Overall, USD/JPY traded with a low of 83.10 and with a high of 83.49. Today, the interest rate decision is expected unchanged at 0.10% and the Industrial Production report (MoM) is expected unchanged at 3.10%.
USD/JPY-Last: 83.38
| Resistance | 83.67 | 84.00 | |
| Support | 83.12 | 82.64 | 81.83 |
Canadian dollar (CAD) – The Canadian Dollar advanced against the Euro for a third day on speculation that the Bank of Canada may raise interest rates sooner than the European Central Bank. However, the Canadian dollar did weaken against the U.S dollar. The USD/CAD’s support is located at 0.9840, and as long as the rate is below 1.0000 the Canadian Dollar is still more attractive. The next resistance level on the four hour chart is located at 0.9920. Overall, USD/CAD traded with a low of 0.9847 and with a high of 0.9902. Today, no major economic data is expected.
USD/CAD – Last: 0.9876
| Resistance | 0.9898 | 0.9933 | 0.9982 |
| Support | 0.9852 |
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