>>>Martin: Hello, it’s Monday, June 20, 2011,
and I’m Martin Smith with the daily outlook from UFX Markets. The Dollar strengthened as European governments
failed to agree on releasing a loan payment to spare Greece from default, ramping up pressure
on Prime Minister George Papandreou to first deliver budget cuts in the face of domestic
opposition. Wall Street closed positive as NASDAQ rose by 0.28% and Dow Jones strengthened
by 0.36%, Crude oil closed at $92.12 a barrel. Gold (XAU) closed at $1538.49 an ounce. No
major economic data is expected today. The Euro fell against the dollar and yen as
calls for new elections in Greece dimmed prospects for austerity measures and an aid package
to prevent the currency union’s first default. The EUR/USD’s momentum is still bearish,
as long as the pair is trading below 1.4440 the euro will probably continue to decline
towards 1.4140 or even less. Overall, EUR/USD traded with a low of 1.4126 and a high of
1.4338. Today, the Current Account is expected at -4.80B vs. -4.70B. The Pound weakened against the Dollar after
reaching almost 1.6200. As long as the GBPUSD is trading below 1.6300 the pound’s momentum
is still bearish and a short position is preferred. Next resistance on the one hour chart is at
1.6225, if it hits this level the pound will probably continue towards 1.6300. Overall,
GBP/USD traded with a low of 1.6092 and a high of 1.6194. No economic data is expected
today. The USD/JPY is struggling with 80.00 levels.
If the pair crosses 81.20 the US Dollar will turn bullish again. Overall, the pair traded
with a low of 80.00 and a high of 80.66. No economic data is expected today. The Canadian dollar rose against the greenback.
As long as the pair is trading above 0.9750 the US Dollar is still the more attractive.
Next resistance on the daily chart is at 0.9900. Overall, USD/CAD traded with a low of 0.9775
and a high of 0.9868. Well, that’s it for today. Be sure to visit
us at ufxmarkets.com, your source for online trading.