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UFX Bank Daily Research 02/11/2009

 



USD Dollar (NYSEARCA:USD)

The Dollar gained versus most majors as weak Personal Spending and stock declines continued to lower risk appetite. NASDAQ and Dow Jones fell by -2.50% and -2.51% accordingly. Crude dropped by -3.61% closing at 76.99$ a barrel and Gold (XAU) declined by -0.64% closing at 1039.70$ an ounce on stronger Dollar. Today, ISM Manufacturing PMI is expected with 53.1 versus 52.6 prior and Pending Home Sales are expected lower with 0.3% change versus 6.4% prior.


 

Euro(EUR)

The Euro declined versus the Dollar after more declines in stocks led to risk aversion. German Retail Sales came out worse than expected with -0.5% drop versus 0.7% expected showing the recession isn\'t necessarily over. European Unemployment Rate came out 9.7% as expected. EUR/USD traded with a low of 1.4703 and with a high of 1.4858. Today, Final Manufacturing PMI is expected to remain unchanged with 50.7.



EUR/USD - Last: 1.4765


Resistance

1.4785

1.482

1.486

Support

1.4645

1.4615

1.4565




 

British Pound (GBP)

The Pound weakened versus the Dollar as well as the other majors after Nationwide HPI gained by 0.4% weaker than 0.7% expected. Overall, GBP/USD traded with a low of 1.6407 and a high of 1.6579. Today, Manufacturing PMI is expected stronger with 50.1 versus 49.5 prior.



GBP/USD - Last: 1.6470


Resistance

1.65

1.6565

1.6605

Support

1.635

1.631

1.625




Japanese Yen (JPY)


The Yen gained versus the Dollar and other majors as risk aversion grew following weak economic data. Japanese Unemployment Rate came out 5.3% better than 5.6% expected. Overall, USD/JPY traded with a low of 89.91 and a high of 91.58 and EUR/JPY traded with a low of 132.30 and a high of 135.91. Today is Culture Day in Japan and banks will be closed.



USD/JPY-Last: 90.10


Resistance

90.3

90.6

90.85

Support

89.65

89.4

88.9




Canadian dollar (NYSEARCA:CAD)


The Canadian Dollar fell versus the Dollar after GDP showed contraction of 0.1% versus 0.1% gain expected and commodities prices dropped following stronger Dollar. Overall, USD/CAD traded with a low of 1.0652 and with a high of 1.0846. No major economic data expected today.



CAD/USD - Last: 1.0780


Resistance

1.093

1.0995

1.1075

Support

1.075

1.065

1.0585