UFXBank's  Instablog

Send Message
UFX Bank, who have already become a brand name amongst Forex traders both at a beginner and expert level, have built their brand on a very simple and quick execution turnaround. It is this simplicity that has shot this brokerage firm to the hearts and minds of traders across the globe. UFX Bank... More
  • Daily Review 16/11/2009 0 comments
    Nov 16, 2009 6:39 AM

    The Dollar weakened versus most majors after gains in stocks and the Trade Balance that showed a deficit of -36.5B wider than -31.8B expected. Michigan\'s Consumer Sentiment came out worse than expected dragging the Euro and Pound lower, but stock market gains pumped risk appetite back up. NASDAQ and Dow Jones gained by 0.88% and 0.72% respectively as better earnings and company mergers led to gains. Crude declined by -0.77% closing at 76.35$ a barrel and Gold (XAU) resumed gaining with 0.91% rise closing at 1116.1$ an ounce. Today, Retail Sales are expected better with 1% versus -1.5% prior and Core Retail Sales are expected slightly worse with 0.4% versus 0.5% prior. Fed Chairman Bernanke and FOMC Member Kohn will speak today.

    EURO (EUR)

    The Euro gained versus the Dollar on Friday after gains in stock markets led risk appetite higher causing investors to ignore weak economic data. German Prelim GDP came out weaker with 0.7% versus 0.8% expected and European Flash GDP came out 0.4% versus 0.6% expected. EUR/USD traded with a low of 1.4824 and with a high of 1.4937. Today, European CPI and Core CPI are expected unchanged with -0.1% and 1.2% respectively.

    EUR/USD - Last: 1.4950

    British Pound (GBP)

    The Pound climbed versus the Dollar on Friday as risk appetite remained strong even after weaker Sentiment was released in the U.S. Overall, GBP/USD traded with a low of 1.6574 and a high of 1.6706. Today, MPC\'s Members Tucker and Sentence will speak.

    GBP/USD - Last: 1.6700

    Japanese Yen (JPY)

    The Yen gained versus most majors as a larger U.S trade deficit and weaker sentiment caused investors to favor the Yen as a safe haven. Overall, USD/JPY traded with a low of 89.46 and a high of 90.41 and EUR/JPY traded with a low of 132.84 and a high of 134.45. Today, Tertiary Industry Activity is expected with 0.1% versus 0.3% prior.

    USD/JPY-Last: 89.60

    Canadian dollar (NYSEARCA:CAD)

    The Canadian Dollar gained versus the Dollar after Canadian Trade Balance came out better with -0.9B versus -1.6B expected. Overall, USD/CAD traded with a low of 1.0472 and a high of 1.0566. Today, Manufacturing Sales are expected stronger with 0.5% change versus -2.1% prior.

    CAD/USD - Last: 1.0500

    UFXBank Research

Back To UFXBank's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.