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>>>INT: Hello, it’s Monday, June 28, 2011, and I’m Martin Smith with the daily outlook
from UFX Bank. The dollar declined against most of the major
currencies amidst speculation over Greece’s lawmakers to approve austerity measures. Stock
Markets closed positive breaking a three-day losing streak as the Dow Jones rose by 0.91%
and the NASDAQ gained 1.33%. Crude oil strengthened by 0.70% to close at $91.20 a barrel. Gold
(XAU) fell by 0.10% and closed at 1,499$ an ounce Today, CB Consumer Confidence is expected
and FOMC Fisher is expected to speak.. The euro strengthened against the U.S Dollar
amid optimism that the Greek parliament will approve austerity measures to help avert the
currency bloc’s first default. Greek Prime Minister Papandreou called today on lawmakers
to obey their “patriotic conscience” and back tougher austerity measures, as they began
to debate a five-year budget plan that will determine whether the cash-strapped nation
can avoid default. Trading above at 1.4250 will keep the momentum bullish for the pair.
Overall, EUR/USD traded with a low of 1.4115 and a high of 1.4441. Today, ECB President
Trichet is expected to speak. The Pound strengthened against the Greenback
after failing to break its strong support at 1.5900. The trend for the pair is bearish.
Overall, GBP/USD traded with a low of 1.5912 and a high of 1.6262. Today, Current Account
is expected to fall by -5.0B vs. -10.5B previously, Final GDP is expected to grow by 0.50% as
previously and Inflation Report Hearings will be released.
The dollar traded unchanged against the yen after the pair failed to break resistance
at 81.00. If the pair succeeds in breaking 80.80 it may bring the pair to 81.20.
The Canadian Dollar fell against its U.S. counterpart after touching its lowest level
in more than three months as U.S. stocks climbed and losses in commodities such as crude oil
were tempered. The trend seems to be bearish and the pair may test its support at 0.9820.
Well, that’s it for today. Be sure to visit us at ufxbank.com for, for simple, safe, and
secure trading.