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Daily Forex Outlook

US Dollar Strengthens Across the Board

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Currencies

  • The euro (EUR) continues the downside and reached its weekly low at 1.2632 against the US dollar (USD) The single currency slid as the US CPI came out better than expected yesterday. Looking ahead the European PMI due today, may drive the pair lower if data will be lower than forecasts.
  • The British Pound (GBP) snap a two day losses as it fell from its high at 1.6183 down to 1.6010 against the US dollar (USD). The sterling is moving lower as the US dollar is strengthening across the board. The monthly UK Retail Sales are on the calendar, due at 08:30 GMT and with expectations at -0.1%..

Equities

  • The US 500 (SPI) climbed from 1885 up to 1943 yesterday reaching its two week high, before energy shares declined due to lower oil prices.

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Canadian Dollar Gains Ahead of the BOC Press Conference

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Currencies

  • The euro (EUR) slid from its high at 1.2839 all the way down to 1.2706 against the US dollar (USD). The single currency lost all previous day’s gains on speculation that the ECB may add corporate bond purchases to its monetary easing measures.
  • The US dollar (USD) skyrocketed from 0.9397 up to 0.94961 against the Swiss Franc (CHF). The swiss franc lost almost 100 pips as the Swiss National Bank (SNB) is ready to take any necessary measures in order to support the national currency.

Equities

  • The UK 100 (FTS) continues the upside as it climbed from its previous week low at 6041 up to 6369. The index advanced by 1.68% as travel companies gains.

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Gold Rallies as it Reached its Monthly High

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Currencies

  • The euro (EUR) climbed from 1.2730 all the way up to 1.2824 against the US dollar (USD). The euro gained momentum as investors anticipate that the Fed may delay increase the interest rates due to slow global recovery.
  • The US dollar (USD) slid from its high at 107.38 down to 106.24 against the Japanese yen (JPY). The yen rose as Asian stocks declined and investors are shifting towards safer assets.

Equities

  • Asian equities fell yesterday as market participants are weighting the slow Chinese economic data and the US corporate earnings. The Japan 255 (NKI) slid from 15208 down to 14787 while the China 50 (CNX) is now trading around 7160.

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Ruble Hits New Record Low as Moody's Downgrade Russian Economy

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Currencies

  • The euro (EUR) rebounded up to 1.2836 where it formed its resistance before dropping back to 1.2735 against the US dollar (USD). The single currency swing between losses and gains as the European Leaders will attend the EU Summit on Thursday and with main subject the EU economy.
  • The US dollar (USD) continues the upside for another day against the Japanese yen (JPY), as it is now trading around 107.30. The yen lost its strength as Japan’s pension funds may increase its holdings by purchasing foreign assets.

Equities

  • Global equities rebounded after their sharp decline last week. The equities faced a meltdown as investors fear a possible downturn of global economy. The UK 100 (FTS) rose up to 6291, Germany 30 (DAX) climbed up to 8858 and the US 500 (SPI) increased up to 1893.

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