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Hello It Tuesday November 8th, and I'm Nathalie Woods with UFX Markets daily news.
The U.S. Dollar was mixed versus the majors with very small price action for the first
day of the trading week. NASDAQ gained by 0.34% and the Dow Jones by 0.71%. Crude oil
rose by 1.96% closing at $95.85 a barrel. Gold grew by 2.38% closing at $1,797 an ounce.
The Euro weakened versus the Dollar and the Yen over fears that the European Debt Crisis
has spread to Italy. Investors were waiting for a resignation from Greece’s Prime Minister
and now are also expecting Italy’s Prime Minister to step down as well due to Italy’s
great debt. German Industrial Production plunged by 2.7%, the worst in 2 and a half years.
The momentum of the EUR/USD is bearish as long as it’s below the 1.39 resistance level.
Overall, the EUR/USD traded with a low of 1.3680 and with a high of 1.3812. The EUR/USD
last traded at 1.3760. The British Pound kept rising versus the Euro
and the Dollar as investors see the Pound as a haven from the European debt crisis.
The Pound is trading near a one month high versus the Euro. The trend for the pair will
remains bullish if it maintains above the level of 1.59. Overall, the GBP/USD traded
with a low of 1.5978 and a high of 1.6078. The GBP/USD last traded at 1.6055.
The Japanese Yen remained unchanged versus the Dollar as investors were waiting for more
developments from the Bank of Japan to weaken the Yen by intervening in currency markets.
Technically, the USD/JPY is trading in a channel between 78.30 and 77.80. The USD/JPY last
traded at 78.10. The Canadian Dollar gained versus the U.S
Dollar and other majors as Crude prices rose. Crude Oil, Canada’s largest export, has
reached its highest level in 3 months. The USD/CAD is facing selling pressure around
the 1.0230 level. Another failure to break above this level may send the pair back down
towards the equality level of 1 again. The USD/CAD last traded at 1.0130.
Thank you for joining us today. For more information please visit us at www.ufxmarkets.com for
all your online trading needs. I'm Nathalie Woods wishing you a happy trading.