Sunday 7 November 2010

Forex: Majors wait for US housing data (Buenos Aires) – Following better than expected US employment data and mixed spikes across the board, majors had settle down in tight ranges, waiting for the last fundamental number of the week, the US Pending Home Sales. Expected around 3.2% compared to previous month 4.3%, dollar remains under pressure with gold nearing $ 1400/oz, setting a fresh record high around $ 1398. Market anyway, is mixed today, as commodity currencies found strength to soar against greenback, while yen and euro had come under pressure since early Europe.

EUR/USD quotes around 1.4080, unable to overcome 1.4120 static resistance area, that has been capping the upside since post data dip to 1.4030 daily low. USD/JPY has regained the 81.00 level, trading over the past few hours in between 81.00 and 81.30, far from yesterday’s high of 81.65 and immediate resistance level. Finally, USD/CHF holds barely below 0.9600, favored to the downside on SNB comments about needed rate hike in the short term, while GBP/USD remains range bound lacking strength either side of the board, although supported above 1.6200.



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