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Hello, it’s Tuesday, 18 June 2013, and I’m Martin Smith, financial analyst at UFXMarkets Trading Support Center with your daily trading outlook.

Wall Street finished the trading day in the green as investors estimate that the Federal Reserve is about to ease its massive stimulus program, which indicates that the economy may stand on its own. Indices also were supported by better than expected economic data from the U.S. The S&P 500 rose by 0.76%, closing at 1,641; the Dow Jones climbed by 109.67 points, closing at 15,200; and the NASDAQ rose by 0.83%, closing at 2,974.

The US Dollar traded mixed against most of the major currencies yesterday after Empire State Manufacturing Index came out much better than expected at 7.8 vs. 0.4. Investors are waiting for the Federal Reserve’s meeting this week before turning to the safe haven of the greenback. Today, the Building Permits is expected at 0.98 vs. -1.02 previously, and Core CPI at 0.2% vs. 0.1% previously. High volatility is expected in the greenback.

Gold fell by 0.50% closing at $1,384 an ounce while Crude Oil gained by 0.20%, closing at $98.12 a barrel as concerns that a U.S. decision to send armaments to the Syrian rebel forces may escalate into a regional conflict.

The Euro gained slightly versus the US Dollar on Monday as investors preferred not to take action before the Federal Reserve’s policy statement on Wednesday. Technically, according to the daily chart, the EUR/USD trend is strongly bullish as long as the pair maintains its support level of 1.3240 which is expected to complete the “W” pattern and keep rising towards 1.3440.

The Pound declined slightly versus the US Continue reading →

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Hello, it’s Monday, June 17, 2013, and I’m Martin Smith, financial analyst at UFXMarkets Trading Support Center with your daily trading outlook.

U.S Major Indices finished the trading week in the red, with the US Dollar falling against most of the major currencies over mixed U.S. economic data. However, PPI came better than expected at 0.50% vs. 0.10%. Investors are waiting for the Federal Reserve’s monetary policy meeting this week to see if there is any further new of the future of the bond-buying program. In commodities, Gold rose by $5 to close at $1390 an ounce, and Crude Oil gained by $1.14 closing at $97.77 a barrel.

The Euro climbed against the US dollar on speculation that the Fed will curb bond purchases. CPI came out unchanged at 1.40% and the Core CPI as expected at 1.20% . Technically, the EUR/USD is expected to keep its positive momentum towards 1.3440. Today the European trade balance is expected at 21.2B vs. -18.7B previously.

The Pound gained its highest level in more than four months against the U.S dollar with increasing optimism over the strength of the country’s economic recovery. Technically, according to the 1 hour chart, the GBP/USD is trading in an ascending channel that could lead the pair towards the 1.5800 resistance level. In addition the pair is trading above the Moving Average 20 indicator which supports the positive momentum. No major economic data is expected today.

The Dollar declined against the Yen on Friday after the Bank of Japan released the minutes of the last monetary policy meeting, in which the bank alluded to limiting stimulus programs to avoid Instability. Technically, according to the one hour chart, the USD/JPY Continue reading →

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The Canadian Dollar climbed to its strongest level against the US Dollar in a month in response to investors’ expectations that an improving economy will result in the Bank of Canada raising its interest rate. Increased speculation regarding the future of the US Federal Reserve’s monetary stimulus program created heightened volatility in the markets last week, boosting the Canadian Dollar and helping it gain against its US counterpart for the second straight week. Last month’s job gains, which were the strongest in over ten years, and improved home construction data also contributed to the strengthening of the Canadian Dollar.

The Canadian Dollar was last trading against the US Dollar at the level of 1.0167, which
is an increase of 0.11%.

High volatility in the currency markets, coupled with investors’ reassessment of the Japanese central bank’s economic stimulus measures, boosted the Japanese Yen, which recorded its strongest rally since July of 2009. The Yen posted gains against all of the other major currencies as Bank of Japan Governor Haruhiko Kuroda refrained from extending the duration of fixed-rate loans to banks.

The Japanese Yen was last trading against the US Dollar at the level of 94.18, which is a decrease 1.23%.

The Pound posted a third straight week of gains against the US Dollar, its longest run since September of 2012, in response to data showing that UK jobless claims fell in April. The better than expected unemployment numbers, which sent the Pound to its highest level against the US Dollar in over four months, increased investors’ speculation that the Bank of England will not expand its current policy of asset purchasing. Continue reading →

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Wall Street closed the trading day in the red due to investor uncertainty over the timing of the FED to diminish the bond buying program. The S&P 500 fell by 0.84%, the NASDAQ by 1.06%, and the Dow Jones by 0.84%. Facebook lost 1.08% from its value and closed at $23.77 per share.

Gold climbed by 0.92%, closing at $1,391 an ounce as investors turned to it as a safe haven. Crude Oil gained by 0.81%, closing at $95.70 a barrel.

The US Dollar weakened against most of the major currencies after the Federal Budget Balance came out at a dissapointing -138.7B vs. the expected -110.2B. Today, Core Retail Sales are expected at 0.3% vs. -0.2% prior and Unemployment Claims at 354k vs. 346k.

The Euro surged versus the US Dollar hitting a fresh 3-month high at 1.3366 in response to dollar weakness. The rise was also supported by Industrial Production data which came out 0.4% better than the expected -0.2%. The EUR/USD is expected to remain bullish as long as it trades above the support level of 1.3320. Should the pair breach the 1.3380 resistance level, the positive momentum should continue to push the EUR/USD back to 1.3440.

The Pound gained versus the US Dollar and hit a fresh high at 1.5700 following better than expected Claimant Count Change data which came out at -8.6k vs. the expected – 6.8k, indicating a degree of economic recovery in the U.K. Unemployment remained unchanged at 7.8%. Technically, the Pound remains bullish as long as it trades above the support level of 1.5640.

The Canadian Dollar lost against the US Dollar after the USD/CAD failed once again Continue reading →