UFXMarkets Daily Forex Currency Trading News 30-October-2012

UFXMarkets Daily Forex Currency Trading News 30-October-2012


Hello, it’s Tuesday, October 30, 2012, and
I’m Martin Smith with the daily outlook from UFX Markets. The Dollar gained versus most majors as risk
aversion grew amid a growing divide over Europe’s new bailout strategy. Today, CB Consumer Confidence
is expected with 72.40 versus 70.30 prior. As Hurricane Sandy bears down on the East
Coast, it has forced evacuations in flood-prone areas, interrupted the Presidential campaign,
and led to the closure of Wall Street Monday. Trading is expected to remain closed on Tuesday
and open with declines on Wednesday. Gold declined slightly and closed at 1,708
an ounce. Crude Oil declined by 1% closing at 85.25 a barrel. The Euro declined slightly versus the Dollar
as the sovereign debt crisis keeps weighing on the economy. The German Finance Minister
rejected another Greek debt restructuring, sending equities lower. Technically, EUR/USD
is trading in a downward channel but according to the 4 hour MACD indicator the trend could
reverse. The Pound declined versus the Dollar as investors
turned towards the safety of the Dollar and the Yen amid Europe’s growing divide regarding
Greek’s bailout plan. Technically, the Pound continues with its bearish trend and is likely
to reach support at 1.59. Today, CBI Realized Sales is expected with 7 versus 6 prior. The Canadian Dollar fell for a 5th straight
session as Risk Aversion continues to grow. Technically, the pair is attempting to cross
equality levels with the U.S Dollar. 1.00 is a strong resistance level which could stop
the current upward rally and make the pair retrace.

Leave a Reply