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Fundamental Currencies Comments
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Calm markets ahead of U.S. jobs report
Fri, Nov 6 2009, 11:00 GMT
by ecPulse.com analysis team
The dollar is losing grounds ahead of the U.S. jobs report, which is expected to reveal that there are fewer Americans being laid off from their job last month. A lower amount employees losing their job is a good sign, where it encourages investors to turn to higher yielding currencies, while selling lower yielding currencies which weigh on the dollar's strength versus major currencies.
The euro is trading in narrow ranges versus the dollar between the support of 1.4842 and the resistance of 1.4901 at 1.4896, while the volume indicators on the one-hour charts are showing us there is low volume in markets. The EUR/USD recorded a high of 1.4904 and a low of 1.4854, as momentum indictors on the one-hour charts are also providing us with a sideways wave trading in an overbought area.
Turning to the pound; we see that it is consolidating between the support of 1.6559 and the resistance of 1.6624 at 1.6598 as the pair records a high of 1.6634 and a low of 1.6557. Momentum indicators in this pair are providing us with a downwards wave, where the pound is slightly weakening as result of technical movements, ever since producer price data in the UK is improving on the year; therefore meaning that the pace of decline in prices is easing.
The dollar yen pair is also calm since the focus in markets is set on the non-farm payrolls, which will either boost the dollar or weigh on the dollar. The USD/JPY is being traded at 90.55, while recording a high of 90.84 and a low of 90.40 as there is a support at 90.50 and a resistance at 90.65.
Published on Fri, Nov 6 2009, 11:01 GMT
Archive
- Correctional movements after a strong strengthening of the dollar…
Published On Fri, Nov 20 2009, 19:26 GMT - Dollar climbs vs. majors
Published On Fri, Nov 20 2009, 15:15 GMT - Correctional movements…
Published On Thu, Nov 19 2009, 19:18 GMT - Majors clear way for dollar to rise
Published On Thu, Nov 19 2009, 15:39 GMT - The yen and dollar rebound
Published On Thu, Nov 19 2009, 12:00 GMT
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The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.Related reports
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