UFXMarkets -Daily Gold & Forex Trading News-21-September-2011

Hello, it’s Wednesday 21 September 2011 and
I’m Martin Smith with the daily outlook from UFX Markets. The Dollar fell against the other major currencies
as investors are expecting the Fed to offer a new plan for helping the US economy. Wall
Street closed mixed as the NASDAQ fell by 0.86% and the Dow rose by 0.07%. Crude oil
jumped by 1.4% and closed at $86.89 a barrel. Gold (XAU) also rose today by 1.7% closing
at nearly $1,809 an ounce. Today, Existing Home Sales is expected 4.76M vs. 4.67M, with
Crude Oil Inventories expected -1.6M, and the FOMC Statement and the Federal Funds Rate
at 0.25. The Euro closed almost unchanged as the US
Dollar awaited the outcome of the Greek default. The EUR/USD’s momentum is bearish as long
as the pair remains below 1.3740, with the next support level on the daily chart at 1.3605.
Overall, the EUR/USD traded with a low of 1.3592 and a high of 1.3743. No major economic
data is expected today. The Pound rose against the US dollar. Momentum
is bearish. Overall, the GBP/USD traded with a low of 1.5654 and a high of 1.5746. Today,
MPC Meeting Minutes is expected 0-0-9 as previously and Public Sector Net Borrowing expected at
11.3B vs. -2.0B previously. The Yen strengthened against the US Dollar
over investor concern about the future of Greece. The USD/JPY is struggling at 77.00.
As long as the pair is trading below 77.20 short positions are preferred. The next support
line on the daily chart is at 76.00. Overall, the USD/JPY traded with a low of 76.34 and
a high of 76.75. The Canadian dollar touched a three-day low
versus its U.S. counterpart as the International Monetary Fund cut its forecast for global
economic growth and reduced projections for Canada. As long as the pair is trading above
the 0.9880 level, the trend of the US Dollar is bullish, with the Moving Average indicator
on the one-hour chart also supporting a positive trend for the US Dollar. Overall, the USD/CAD
traded with a low of 0.9881 and a high of 0.9947. Today, Core CPI is expected at 0.1%%
vs. 0.2% previously. Well, that’s all for today. Be sure to visit
us at UFXMarkets.com, your source for online trading.

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