UFXMarkets -Daily Gold & Forex Trading News-7-November-2011


Hello It Monday November 7th, and I’m Nathalie
Woods with UFX Markets daily news. The Dollar gained slightly versus most majors.
Non Farm Payrolls came out worse with 80K versus the expected 97K but Unemployment Rates
did declined from 9.1% to 9%. Greece’s Prime Minister is expected to resign today after
successfully forming an interim government with the opposition leader. NASDAQ dropped
by 0.44% and the Dow Jones declined by 0.51%. Crude oil closed slightly lower at $94.06
a barrel. Gold declined by 0.51%, closing at $1,754 an ounce.
The Euro declined slightly versus the Dollar and fell versus the Pound as investors kept
responding anxiously to any data regarding the European debt crisis. Greece has successfully
passed the no-confidence vote and Greece’s Prime Minister cancelled the referendum vote.
The momentum of the EUR/USD will remain bearish as long as it is below the 1.39 resistance
level. Overall, the EUR/USD traded with a low of 1.3710 and with a high of 1.3868. The
EUR/USD last traded at 1.3760. The British Pound gained slightly versus the
Dollar and posted its biggest weekly gain versus the Euro since January as the Greek
debt crisis raised demand for U.K assets. The trend for the pair will remain bullish
if it maintains above the 1.59 level. Overall, the GBP/USD traded with a low of 1.5945 and
a high of 1.6062. The GBP/USD last traded at 1.6010.
The Yen weakened versus the Dollar, Pound, and Euro despite the uncertainty in the markets
and weak economic data in Europe and the U.S. Japan’s currency intervention last week
still has an effect on the Yen’s direction, as investors fear another intervention. Technically,
the USD/JPY is trading in a channel between 78.30 and 77.80. The USD/JPY last traded at
78.10. The Canadian Dollar weakened versus the American
Dollar. Unemployment Rates in Canada rose to 7.3% , worse than the estimated 7.2%. The
USD/CAD is facing selling pressure around the 1.0230 resistance level. Breaking above
the 1.0230 level could send the pair rallying towards 1.06 again. The USD/CAD last traded
at 1.0190. 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.

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