UFXMarkets -Daily Gold & Forex Trading News-5-September-2011

UFXMarkets -Daily Gold & Forex Trading News-5-September-2011


Hello, it’s September 5, 2011 and I’m
Martin Smith with the Daily Outlook from UFX Markets.
The dollar strengthened against most of the major currencies on speculation that European
nations will struggle to contain the region’s debt crisis, spurring demand for the world’s
reserve currency. The Stock Markets closed negative as the Dow Jones fell by 2.20% and
the NASDAQ lost 2.58%. Crude oil fell for a second day by 3.4%, closing at 88.90$ a
barrel. Gold jumped by 3.20%, closing at $1,885 an ounce. No economic data is expected today
due to the Labor Day bank holiday. The euro fell to a three-week low against
the U.S Dollar on concern that European nations are struggling to contain the region’s debt
crisis. Trading below the resistance level of one forty two forty will keep the momentum
negative for the pair. IF the pair breaks above this level, it may reach one forty three
fifty again. Overall, the EURO-DOLLAR traded at a low of 1.4135 and a high of 1.4314. Today,
Retail Sales are expected to grow by 0.10% vs. 0.70% previously. The Pound fell against the greenback after
the pair failed to break its resistance level of (one sixty two fifty) 1.6250. The trend
for the pair remains bearish. Overall, the POUND/DOLLAR traded at low of 1.6131 and a
high of 1.6253. Today, Services PMI is expected to show 54.3 vs. 55.4 previously. The dollar strengthened a bit against the
Yen after Minister Jun Azumi said yesterday that Japan will take decisive action against
speculative moves in the foreign- exchange markets if needed. If the pair succeeds in
breaking the resistance level of 77.20 it may bring the pair to 78.00. No economic data
is expected today. The Canadian Dollar fell against its U.S.
counterpart on concern the global economy may lapse into another recession, dimming
the prospects for the nation’s exports of raw materials. The trend for the pair will
continue to be bullish provided it maintains it support level of 0.9840. Today, Canadian
banks will be closed in observance of Labor Day.
Well, that’s all for today. Be sure to visit us at UFXMarkets.com, your source for online
trading.

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