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Hello Its Tuesday November 15th , and I'm Nathalie Woods with UFX Markets daily news.
The US Dollar strengthened versus most majors as an increase in Italian borrowing costs
deepened concern that Europe will struggle to contain its sovereign debt crisis. Wall
Street closed negative snapping a two-day advance as the NASDAQ fell by 0.80% and the
Dow Jones by 0.61% . Crude oil declined by 0.80%, closing at $98.10 a barrel. Gold fell
by 0.45% closing at $1780 an ounce. Today, Core Retail Sales are expected to grow by
0.20% vs. the previous 0.60% and PPI is expected to decline by 0.10% vs. the prior 0.80%.
The Euro dropped for the first time in three days versus the US Dollar as Europe’s intensifying
debt crisis is becoming harder to contain. There is concern that it may be too late for
European leaders to turn the region’s sovereign-debt crisis around. The momentum of the EUR/USD
will continue to be bearish as long as it remains below the 1.3700 resistance level.
Overall, the EUR/USD traded with a low of 1.3591 and with a high of 1.3808. The EUR/USD
last traded at 1.3620. The British Pound fell versus the US Dollar.
The trend for the pair remains bearish if it remains below the 1.5950 resistance level.
Overall, the GBP/USD traded with a low of 1.5868 and with a high of 1.6092. Today, CPI
is expected to grow 5.10% vs. the previous 5.20%. The GBP/USD last traded at 1.5890.
The Yen traded unchanged versus the US Dollar due to the fact that investors are looking
for signals of new intervention. Technically, the USD/JPY is trading within a narrow range
with no clear long term trend. If the pair breaks below the 77.00 level, the trend will
continue downwards. The USD/JPY last traded at 77.15.
The Canadian Dollar fell against its U.S. counterpart on concern that European nations
may have difficulty repaying their debt, discouraging demand for higher-yielding assets. The USD/CAD’s
momentum is bullish if it remains above the support level of 1.0120. Today, Manufacturing
Sales is expected grow by 1.10% vs. the previous 1.40%. The USD/CAD last traded at 1.0170.
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.