UFXMarkets -Daily Gold & Forex Trading News-9-February-2012

Hello, it’s Thursday, 9 February 2012 and
I’m Martin Smith with the daily outlook from UFX Markets. US Dollar posted minor gains against the major
currencies as another day passed without a definitive announcement on Greek debt. Wall
Street struggled to close on the positive side as the Dow gained 0.04% and the NASDAQ
appreciated by 0.41%. Crude closed with slight gains of 0.3% at $99 levels. Gold (XAU) also
failed to break above $1751 and closed at $1731 an ounce. Today, Unemployment claims
are expected at 380k vs. 367k previously. The Euro was able to climb to a 7-week high
against the US Dollar although worries remain over whether or not Greece will stand on austerity
measures demanded by the Troika. The EUR/USD’s momentum is positive above 1.3200 and as long
as the pair is trading above this the Euro may continue to rise to 1.3320. Overall, the
EUR/USD traded with a low of 1.3214 and a high of 1.3287. Today, the Interest Rate Decision
is expected unchanged at 1.00% The Pound slumped versus the greenback during
the New York session and dropped more than 130 pips against the Dollar as global investors
awaited news on the Greek bailout. The GBPUSD’s momentum remains bullish above 1.5730. The
next resistance level on the daily chart is at 1.6000. Overall, the GBP/USD traded with
a low of 1.5794 and a high of 1.5927. Today, the Interest Rate Decision is expected unchanged
at 0.50% The Dollar posted another positive day against
the Yen and the pair recovered to 77 levels. The USD/JPY’s momentum is bullish as long
as the pair is trading above the 76.50 level with next resistance level at 77.30. Overall,
the USD/JPY traded with a low of 76.69 and a high of 77.17. No major economic data is
expected today. The Canadian Dollar slipped versus its U.S.
counterpart pending the Greek decision on bailout terms. Housing Starts came out 198k
better than expected 193k. Next support on the one hour chart is at 0.9920 and breaking
this will probably cause a decrease towards 0.9870. Overall, the USD/CAD traded with a
low of 0.9933 and a high of 0.9988.

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