GCI Forex News - USD/JPY: BoJ Masaaki Shirakawa urges for deregulation, fiscal reform

USDJPY Movement

For the 24 hours to 23:00 GMT on Friday, the USD weakened 0.25% against the JPY and closed at 82.37.

In the Asian session, at GMT0400, the pair is trading at 82.28, with the USD trading 0.11% lower from Friday’s close.

This morning, the Bank of Japan (BoJ) Governor, Masaaki Shirakawa urged the government to keep up efforts to restore the country’s fiscal health and take steps to boost domestic investment such as bold deregulation. He maintained the BoJ’s forecast that Japan’s economy would resume a moderate recovery after periods of weakness, but cautioned of the impact from a strong yen on exports and business sentiment.

Meanwhile, the minutes of the Bank of Japan’s (BoJ) latest monetary policy meeting indicated that the central bank would go ahead with its monetary easing stance until the inflation target of 1.0% is at least “in sight”, if not achieved.

The pair is expected to find support at 82.06, and a fall through could take it to the next support level of 81.78. The pair is expected to find its first resistance at 82.62, and a rise through could take it to the next resistance level of 82.90.

The currency pair is trading just below its 20 Hr and 50 Hr moving averages.

GCI Forex News - USD/CAD: Canada consumer prices rose more-than-expected in October

USDCAD Movement

For the 24 hours to 23:00 GMT on Friday, the USD declined 0.50% against the CAD to close at 0.9927.

In economic news, the Consumer Price index (CPI) in Canada rose 0.2% (MoM) in October, compared to the same rate of growth recorded in the previous month. Market had expected the index to rise 0.1% (MoM) in October. On an annual basis, the CPI rose 1.2% in October, following the same rate of increase recorded in September. On a seasonally adjusted monthly basis, the Bank of Canada’s core CPI advanced 0.1% in October, compared to a flat reading recorded in September.

In the Asian session, at GMT0400, the pair is trading at 0.9923, with the USD trading marginally lower from Friday’s close.

The pair is expected to find support at 0.9898, and a fall through could take it to the next support level of 0.9874. The pair is expected to find its first resistance at 0.9965, and a rise through could take it to the next resistance level of 1.0006.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - AUD/USD: Pair trading above its MA’s

AUDUSD Movement

For the 24 hours to 23:00 GMT on Friday, the AUD strengthened 0.79% against the USD to close at 1.0460.

LME Copper prices declined 0.5% or $40.0/MT to $7675.8/MT. Aluminium prices rose 0.7% or $13.5/MT to $1928.8/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0455, with the AUD trading marginally lower from Friday’s close.

The pair is expected to find support at 1.0407, and a fall through could take it to the next support level of 1.0359. The pair is expected to find its first resistance at 1.0487, and a rise through could take it to the next resistance level of 1.0519.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Forex News - Gold: Trading tad lower this morning

Gold Movement

Gold prices traded marginally lower against the USD in the 24 hour period ending 23:00GMT, at 1730.15 per ounce.

In the Asian session, at GMT0400, Gold is trading at 1729.40, marginally lower from yesterday’s close.

Gold is expected to find support at 1727.68, and a fall through could take it to the next support level of 1725.96. Gold is expected to find its first resistance at 1731.83, and a rise through could take it to the next resistance level of 1734.25.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

GCI Forex News - Crude Oil: Crude Oil eased amid the ceasefire between Israel and Palestinian militants, trading higher this morning

Crude Oil Movement

Crude Oil prices declined 1.01% against the USD for the 24 hour period ending 23:00GMT, closing at 86.81, after a ceasefire ended a week of cross-border violence between Israel and Palestinian militants, easing supply concerns.

In the Asian session, at GMT0400, Crude Oil is trading at 87.20, 0.45% higher from yesterday’s close.

Crude Oil is expected to find support at 86.74, and a fall through could take it to the next support level of 86.27. Crude Oil is expected to find its first resistance at 87.67, and a rise through could take it to the next resistance level of 88.13.

Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.

GCI Forex News - Silver: White metal continues to decline this morning

Silver Movement

Silver prices declined 0.16% to the USD33.35 per ounce during the 24 hours ending 23:00GMT.

In the Asian session, at GMT0400, Silver is trading at 33.32, marginally lower from yesterday’s close.

Silver is expected to find support at 33.23, and a fall through could take it to the next support level of 33.15. Silver is expected to find its first resistance at 33.43, and a rise through could take it to the next resistance level of 33.55.

The white metal is showing convergence with its 20 Hr and 50 Hr moving averages.

GCI Forex News - EUR/USD: Euro banks on upbeat PMI data in China Europe and amid successful Spanish bond auction

EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose marginally against the USD and closed at 1.2874, following strong manufacturing PMI data in China, the Euro-zone, Germany and France. A successful bond auction in Spain also bolstered gains in the Euro.

In the Euro-zone, the seasonally adjusted composite output index climbed to 45.8 in November, from 45.7 recorded in the previous month. Meanwhile, manufacturing purchasing managers’ index (PMI) rose to an eight-month high of 46.2 in November, from 45.4 in October, while the service PMI declined to 45.7 in November, from 46.0 in the previous month. Moreover, consumer confidence slipped to -26.9 in November, from a revised reading of -25.7 in October. Germany’s flash PMI climbed to 46.8 in November, from 46.0 in October. In France, the seasonally adjusted manufacturing PMI rose to 44.7 in November, following a reading of 43.7 in October.

In bond auction, the Spanish Treasury sold €3.88 billion October 2015 bonds, which was larger than its maximum target of €3.5 billion, with the yield declining to 3.617% from 3.660% in the previous sale on November 8. Separately, the Spanish Treasury indicated that it sold €3.3 billion bonds due September 2017 to the state social security reserve fund via private placement.

On the flip side, the French President, Francois Hollande, stated that it appears unlikely that the European Union (EU) leaders’ would reach a deal today on the region’s €1.0 trillion budget for the next seven years.

In the Asian session, at GMT0400, the pair is trading at 1.2887, with the EUR trading marginally higher from yesterday’s close.

The pair is expected to find support at 1.2848, and a fall through could take it to the next support level of 1.2809. The pair is expected to find its first resistance at 1.2912, and a rise through could take it to the next resistance level of 1.2938.

Trading trends in the pair today are expected to be determined by the release of GDP and the IFO business climate, current assessment and expectations data in Germany and the business climate in France.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Forex News - GBP/USD: UK industrial orders rose less-than-expected in November, indicates CBI

GBPUSD Movement

For the 24 hours to 23:00 GMT, GBP fell 0.20% against the USD and closed at 1.5937, after data from the industrial trends survey by the Confederation of British Industry (CBI) showed that UK’s manufacturing orders rose less-than-expected in November.

The Confederation of British Industry (CBI), in its latest industrial trends survey, indicated that total order book balance in the UK rose to -21.0 in November from -23.0 in October. Market had expected total order book balance to rise to -19.0 in November.

In the Asian session, at GMT0400, the pair is trading at 1.5949, with the GBP trading marginally higher from yesterday’s close.

The pair is expected to find support at 1.5920, and a fall through could take it to the next support level of 1.5890. The pair is expected to find its first resistance at 1.5979, and a rise through could take it to the next resistance level of 1.6008.

Trading trends in the pair today are expected to be determined by the release of BBA mortgage approvals in the UK.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.