Serving Traders Since 2005
Daily Review 04/12/2009
USD Dollar (USD)
The Dollar strengthened versus most majors as US stocks fell after Nonfarm Productivity contracted to 8.1% vs. the 8.5% expected and despite the number of unemployed that dropped to the smallest lowest since March 2008 coming at 457K. In addition, Unit Labor Costs dropped to -2.5%. NASDAQ and Dow Jones decreased by 0.54% and 0.84% respectively. Crude oil weakened by 0.2% closed at 76.46$ a barrel and Gold (XAU) rose by 0.4% closed at 1217.4$ an ounce. Today, Non-Farm Payrolls is expected at -119K vs. -190K prior and Unemployment Rate is expected to remain at 10.2%.
The Euro approached a 16-month high versus the Dollar after Trichet said in Frankfurt the ECB will charge a variable rate instead of a fixed 1% for one-year loans offered this month. The Euro later fell versus the Dollar as US stocks fell. Overall, EUR/USD traded with a low of 1.5041 and with a high of 1.5140. Interest rate remains unchanged at 1%.
EUR/USD - Last: 1.5059
British Pound (GBP)
The Pound weakened against the Dollar after the service sector grew more slowly than expected in November came out at 56.6 vs. 57.00 forecast, but new business continued to pick up and firms were optimistic. Overall, GBP/USD traded with a low of 1.6555 and with a high of 1.6720. No economic data expected today.
GBP/USD - Last: 1.6535
Japanese Yen (JPY)
The yen weakened for a third day against the Euro and the Dollar as signs the global economy is recovering boosted demand for riskier assets. Overall, USD/JPY traded with a low of 87.34 and with a high of 88.47. No economic data expected today.
Canadian dollar (CAD)
The Canadian Dollar fell versus the Dollar after European Central Bank President Trichet called for a strong U.S. dollar, prompting traders to purchase the Dollar to cover short positions. Overall, USD/CAD traded with a low of 1.0462 and with a high of 1.0583.Today, Employment Change is expected to rise from -43.2K to 15.3K, Unemployment Rate is expected to remain at 8.6%, Ivey PMI is expected at 60.4 vs. 61.2 prior.
CAD/USD - Last: 1.0560
UFX Bank Research
|Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)|
|Thread||Thread Starter||Forum||Replies||Last Post|
|Daily Review 26/11/2009||UFXBank||Technical Analysis||0||26th November 2009 10:09|
|Daily Review 25/11/2009||UFXBank||Technical Analysis||0||25th November 2009 09:46|
|Daily Review 24/11/2009||UFXBank||Technical Analysis||0||24th November 2009 09:20|
|Daily Review 23/11/2009||UFXBank||Technical Analysis||0||23rd November 2009 09:18|
|Daily Review 19/11/2009||UFXBank||Technical Analysis||0||19th November 2009 09:32|