EURUSD: Strengthens, Closes In On The 1.4938 Level. EURUSD: A strong rally at the end of week saw the pair cutting through its May 09’2011 high at 1.4441 to close higher for a third week in a row since turning off the 1.3970 level, its May 23’2011 high. This development has put EUR on the … “EUR/USD Stronger, GBP/USD Struggling – Technical Analysis”
Month: June 2011
Euro Posts Weekly Gains, Future Still Uncertain
The euro posted gains against other majors this week as concerns about the European sovereign-debt issues, particularly the situation in Greece, eased, increasing appeal of the shared European currency. The main drive for the euro this week was the economic data from the US. Attention of traders turned from Europe to America, and what they’ve seen wasn’t pleasant. Meanwhile, the 17-nation currency regained its strength on the back of the US woes. The news from Europe … “Euro Posts Weekly Gains, Future Still Uncertain”
US Dollar Index and EUR/USD Technical Analysis
US Dollar Index: Weakens, Sets Up For The 72.69 Level. US Dollar Index: The Index remains bearish following through lower on the back of its Thursday losses during Friday trading session. This development has put the Index on another week of losses and opened the door for additional weakness towards the 72.69 level, its 2011 … “US Dollar Index and EUR/USD Technical Analysis”
Canada’s Dollar Slips on Crude Oil & US Jobs Market
The Canadian dollar dropped today as crude oil declined after the report showed that the US employers added far less jobs than was anticipated by analysts and traders. Crude oil, the main Canada’s export, fell 0.2 percent yesterday and 0.4 percent over this week. The unfavorable payrolls and the rising unemployment claims had their negative effect on prices for crude, as well as on the outlook for Canada’s economy. The attention of Forex traders shifted … “Canada’s Dollar Slips on Crude Oil & US Jobs Market”
Euro at Four-Week High vs. Dollar on Greece & Non-Farm Payrolls
The euro jumped to the highest level in four weeks against the US dollar as Greece will receive more aid and as the US non-farm payrolls were simply terrible. The European Union finance ministers agreed to provide Greece â¬110 billion as a part of the last year’s bailout program. The Eurozone services PMI was at 56.0 in May, compared to the preliminary estimates of 55.4. The European economy is still far from being strong as the composite PMI fell … “Euro at Four-Week High vs. Dollar on Greece & Non-Farm Payrolls”
EUR/USD and USD/CHF Technical Analysis
EURUSD: Pressured To The Upside. EURUSD: With a reversal of its Wednesday losses seen on Thursday, risk of further strength is likely though hesitating. In such a case, its May 06’2011 high at 1.4586 will be targeted and ultimately the 1.4938 level, its 2011 high. EUR will have to cut through the latter level to resume … “EUR/USD and USD/CHF Technical Analysis”
UK Services Slow Growth, Pound Weakens
The Great Britain pound fell today against almost all most-traded currencies after the report showed that Britain’s service industries expanded slower than was anticipated by markets. The Markit/CIPS Business Activity Index was at 53.8 in May, showing that business activity increased for the fifth straight month. The index was below the market expectations of 54.4 and the April value of 54.3. The pound currently slowly regains its strength, but still … “UK Services Slow Growth, Pound Weakens”
Malaysian Ringgit Heads for Weekly Gains vs. Dollar
The Malaysian ringgit headed to a weekly gain against the US dollar today as the worsening economy of America shifted attention of investors from the greenback to higher-yielding currencies. The dollar weakened after Moody’s Investors Service said that it has put the US Aaa credit rating under review for downgrade. This announcement followed the statement of Standard & Poor’s in April that the US may lose its top credit rating unless the nation … “Malaysian Ringgit Heads for Weekly Gains vs. Dollar”
Canadian Dollar Takes Beating, US Economy is Blamed
The Canadian dollar was weaker today against most major currencies as the poor performance of the US economy had its negative impact on attractiveness of Canada’s currency to investors. The US economy is looking really bad nowadays, especially considering how good it looked not so long ago. On of the biggest problems in the economy is the high level of unemployment. The non-farm payrolls are expected to show a solid growth by 194,000, but it’s … “Canadian Dollar Takes Beating, US Economy is Blamed”
Dollar Declines Further on Economy, Possible Moody’s Downgrade
The US dollar fell for another session against major currencies as the nation’s economy continues to show signs of weakening and after Moody’s Investor Service said that it may cut the US credit rating. The number of unemployment claims in the US rose from 428,000 to 422,000 last week. The median forecast was 416,000. The factory orders fell 1.2 percent in April, compared to the market expectations of the 0.7 percent decline. The orders grew 3.8 … “Dollar Declines Further on Economy, Possible Moody’s Downgrade”