UFXMarkets -Daily Gold & Forex Trading News-05-January-2012

Uploaded by UFXMarkets on 04.01.2012

Hello, it's Thursday, 5 January 2012, and I'm Martin Smith with the daily outlook from
UFX Markets. The US Dollar posted gains versus most major
currencies as risk sentiment deteriorated and market focus returned to Europe's debt
crisis. The NASDAQ fell by -0.01% and the Dow added 0.17% to its value. Crude Oil closed
at 103.2$ a barrel after the European Union moved toward sanctions on Iran, advancing
0.3% from yesterday. Gold (XAU) ended higher on safe haven demand caused by tensions in
the Middle East and closed at $1612 an ounce. The Euro fell on renewed concerns over the
Euro zone debt crisis. Italy’s biggest bank said it needs to raise more capital, also
adding to the uncertainty. The trend for the pair remains bearish as long as it remains
below the 1.2980 resistance level. Overall, the EUR/USD traded with a low of 1.2897 and
a high of 1.3072. Today, German Retail Sales are expected at 0.2% vs. -0.2% previously.
The British Pound fell slightly versus the greenback. Holding above the key support level
of 1.5580 keeps the momentum positive for the pair. Overall, the GBP/USD traded with
a low of 1.5578 and a high of 1.5667. Today, Services PMI is expected at 51.6 vs. 52.1
previously. The Yen gained slightly against the dollar
with the pair remaining in a very narrow range. Technically, according to the daily chart,
the USD/JPY has reached a strong support level of around 76.50, and could retrace. Overall,
the USD/JPY traded with a low of 76.59 and a high of 76.82. No economic data is expected
today. The Canadian Dollar fell from its highest
level in almost a month versus the greenback over Europe’s debt crisis concerns. The
main trend for the USD/CAD continues bearish so long as it is located below the 1.0180
resistance level. Overall, the USD/CAD traded with a low of 1.0101 and a high of 1.0160.
Today, Ivey PMI is expected at 57.5 vs. 59.9 previously.