UFXMarkets *Daily Forex Currency Trading News*9-October-2012

Hello, it’s Tuesday, October 09, 2012, and
I’m Martin Smith with the daily outlook from UFX Markets. The Dollar gained versus most majors as stocks
declined and economy forecasts were lowered. Wall Street ended with declines after IMF
slashed forecasts for global economic growth. Dow Jones declined by 0.19%, NASDAQ declined
by 0.76% and S&P by 0.35%. Gold finished nearly unchanged at 1,776$ with
Crude Oil gaining slightly, closing at 89.95$ a barrel after a failed attempt to cross below
$88. The Euro declined versus the Dollar after
European finance ministers met in Luxembourg to discuss the region’s debt crisis. Spain
is struggling to avoid asking for a bailout with European leaders speculating on the bailout
date and size. Technically, EUR/USD is on an uptrend according to the daily chart and
is near the trend line support which could push it upwards towards the 1.32 resistance
level again. The Pound continued its decline versus the
US Dollar and the Euro. Technically, the Cable dropped after a failed attempt to cross above
1.62 and is currently near support at 1.60. Today, Manufacturing Production is expected
with -0.6% versus 3.2% prior, and Trade Balance at -8.3B versus -7.1B. The Canadian Dollar gained versus the U.S
Dollar as speculation regarding a possible rate hike by the Bank of Canada rise. Technically,
the long term trend of the pair remains downwards with a target at 0.96. Today, Housing Starts
are expected with 201K versus 224K prior.

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