UFXMarkets – Currencies & Commodities Trading News-14-November-2011

Hello Its Monday November 14th, and I’m Nathalie
Woods with UFX Markets daily news. The US Dollar fell versus most majors as euro-zone
fiscal tensions declined due to the approval of the debt reduction crisis by the Italian
Senate In a bid to cut the country’s debt of 1.9 trillion. Wall Street closed positive
as the NASDAQ plunged by 2.04% and the Dow Jones by 2.19%. Crude oil rose, capping the
longest streak of weekly advances since April 2009 by 1.1%, closing at $98.90 a barrel.
Gold rose by 1.60% closing at $1788 an ounce. The Euro strengthened for a third day versus
the US Dollar amid optimism that European leaders are tackling their debt crisis after
Italy’s Senate approved an austerity bill yesterday and Greece swore in a new prime
minister. In addition, the higher-yielding currencies extended gains as former European
Union Competition Commissioner Mario Monti may lead Italy’s new government. The momentum
of the EUR/USD is still bullish as long as it is remains above the 1.3650 support level.
Overall, the EUR/USD traded with a low of 1.3482 and with a high of 1.3808. The EUR/USD
last traded at 1.3780. The British Pound strengthened versus the
US Dollar amid optimism that European officials are taking steps to address the region’s
debt crisis. The trend for the pair remains bullish if it remains above the support level
of 1.6020. The pair is facing many resistance levels between the 1.61 to 1.62 levels. Overall,
the GBP/USD traded with a low of 1.5868 and with a high of 1.6092. The GBP/USD last traded
at 1.6070. The Yen reached its strongest level versus
the dollar at the end of the week since Japan intervened last month, touching 77. There
are indications that the Bank of Japan stepped away from intervening after the G-20 summit.
But now that the risk of intervention is reduced, there are expectations for the yen to recuperate
the losses it sustained. Technically, the trend for the pair remains bearish if it remains
below the resistance level of 77.50. The USD/JPY last traded at 77.15.
The Canadian Dollar strengthened versus the US Dollar as stocks ended the day higher and
crude oil, the nation’s biggest export, rose. The USD/CAD’s momentum is bearish
if it remains below the resistance level of 1.0170. If the pair breaks the resistance
level it may reach 1.0250 again. The USD/CAD last traded at 1.0130
Thank you for joining us today. For more information please visit us at www.ufxmarkets.com for
all your online trading needs. I’m Nathalie Woods wishing you a happy trading.

Leave a Reply

Your email address will not be published. Required fields are marked *