Hello, It’s Thursday December 1st and I’m Nathalie Woods with your UFXMarkets daily news.
The US Dollar fell versus most of the other majors after six central banks led by the Federal Reserve made it cheaper for banks to borrow dollars in emergencies in a global effort to ease Europe’s sovereign-debt crisis. Wall Street ended on a positive note as the NASDAQ jumped by 4.17% and the Dow Jones gained by 4.24%. Crude oil rose by 97 cents closing at $100.38 a barrel. Gold increased by 30% and finished at $1746 an ounce. The Crude Oil Inventories came out 3.9M higher than expected.
The Euro increased versus the US Dollar as the central banks cut the cost of borrowing dollars yesterday. The pair is facing a resistance at 1.3520 on the 2 hour chart. If this resistance breaks, the rate could reach 1.3600 until Friday. Overall, the EUR/USD traded with a low of 1.3258 and with a high of 1.3532. The EUR/USD last traded at 1.3452.
The British Pound gained versus the US Dollar. As long as the GBP\USD is trading above the 1.5680 level, the British Pound remains bullish. If the pair breaks down below the support level at 1.5680 we’ll probably see the pair declining towards 1.5600. Overall, the GBP/USD traded with a low of 1.5527 and with a high of 1.5779. The GBP/USD last traded at 1.5694
The Yen raised versus the US Dollar as the US Dollar weakened against most of the currencies. The USD/JPY’s trend became negative after breaking the 77.50 level and as long as the pair is trading above this level the US Dollar continues to be bullish. Overall, the USD/JPY traded with a low of 77.28 and with a high of 77.14. The USD/JPY last traded at 77.67.
The Canadian currency rose the most since May 2010 as central banks reduced the cost of emergency dollar funding to ease Europe’s sovereign-debt crisis, buoying riskier assets. As long as the pair is trading above the 1.01 level, the US Dollar’s momentum is still positive. the next resistance level on the one hour chart is located at 1.0220 and breaking this level will probably cause the pair to rise towards 1.0300. Overall, the USD/CAD traded with a low of 1.0122 and with a high of 1.0326. The USD/CAD last traded at 1.0187 .
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
