GCI Forex News - USD/CAD: Loonie continues its northward trend in the Asian session

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.24% against the CAD to close at 0.9820.

In Canada, raw materials prices rose 3.4% (MoM) in August, following a 0.8% rise in July. Additionally the industrial product price index (IPPI) edged down 0.1% (MoM) in August.

In the Asian session, at GMT0300, the pair is trading at 0.9819, with the USD trading marginally lower from yesterday’s close.

The pair is expected to find support at 0.9794, and a fall through could take it to the next support level of 0.9769. The pair is expected to find its first resistance at 0.9848, and a rise through could take it to the next resistance level of 0.9877.

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

GCI Forex News - AUD/USD: Aussie trading higher after a flat close yesterday

AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD traded flat against the USD to close at 1.0354.

In the US, the Federal Reserve Chairman, Ben Bernanke, stated that he is confident the US economy would continue to expand but added that the Fed’s stimulus efforts need to be backed up by action from the government.

LME Copper prices declined 0.9% or $75.8/MT to $8191.3/MT. Aluminium prices declined 1.2% or $25.5/MT to $2068.3/MT.

In the Asian session, at GMT0300, the pair is trading at 1.0371, with the AUD trading 0.17% higher from yesterday’s close.

The pair is expected to find support at 1.0334, and a fall through could take it to the next support level of 1.0298. The pair is expected to find its first resistance at 1.0406, and a rise through could take it to the next resistance level of 1.0440.

In the day ahead Reserve Bank of Australia (RBA) is expected to keep interest rate unchanged at 3.5%. Investors also await AiG performance of service index data in Australia due out in the day ahead.

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

GCI Forex News - Crude Oil: Positive US manufacturing data pushed oil prices higher

Crude Oil Movement

Crude Oil prices advanced 0.96% against the USD for the 24 hour period ending 23:00GMT, closing at 92.38, following positive US manufacturing data.

Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.

In the Asian session, at GMT0300, Crude Oil is trading at 92.41, marginally higher from yesterday’s close.

Crude oil is expected to find support at 91.34, and a fall through could take it to the next support level of 90.28. Crude oil is expected to find its first resistance at 93.40, and a rise through could take it to the next resistance level of 94.40.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

GCI Forex News - Gold: Gold extends its losses in the Asian session

Gold Movement

On Friday Gold prices traded lower by 0.24% against the USD in the 24 hour period ending 23:00GMT, at 1773.07 per ounce, as the greenback strengthened.

In the Asian session, at GMT0300, Gold is trading at 1764.32, 0.49% lower from Friday’s close.

Gold is expected to find support at 1757.47, and a fall through could take it to the next support level of 1750.61. Gold is expected to find its first resistance at 1777.26, and a rise through could take it to the next resistance level of 1790.20.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - Silver: Trading lower this morning

Silver Movement

On Friday, Silver prices declined 0.25% to the USD 34.53 per ounce during the 24 hours ending 23:00GMT.

In the Asian session, at GMT0300, Silver is trading at 34.21, 0.92% lower from Friday’s close.

Silver is expected to find support at 33.97, and a fall through could take it to the next support level of 33.73. Silver is expected to find its first resistance at 34.66, and a rise through could take it to the next resistance level of 35.11.

The white metal is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - Crude Oil: Oil prices lower on weak US and Chinese manufacturing data

Crude Oil Movement

On Friday, Crude Oil prices declined 0.14% against the USD for the 24 hour period ending 23:00GMT, closing at 92.10, amid demand concerns following weak US manufacturing data.

In the Asian session, at GMT0300, Crude Oil is trading at 91.3, 0.87% lower from Friday’s close, after data showed that the manufacturing activity in China remained in the contraction territory in September.

Crude oil is expected to find support at 90.81, and a fall through could take it to the next support level of 90.32. Crude oil is expected to find its first resistance at 92.25, and a rise through could take it to the next resistance level of 93.20.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - EUR/USD: Euro continues its gains as Spain announced economic reforms and a tough 2013 budget

EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.26% against the USD and closed at 1.2911, after Spain announced economic reforms and a tough 2013 budget based primarily on spending cuts.

Speaking at a press conference, the Spain’s budget minister, Soraya Saenz de Santamaria, stated he was confident that the country would meet its deficit target for this year and added that the draft budget for 2013 was based on unchanged economic forecasts, which indicated a light recession next year.

Moreover, the European Union (EU) Economic and Monetary Affairs Commissioner, Olli Rehn, stated that Spain’s detailed timetable for economic reforms goes beyond what the European Commission has asked of Spain and is an ambitious step forward.

In the Euro-zone, economic confidence fell to 85.0 in September, while industrial confidence fell to -16.1 in September. Moreover, services confidence and the business climate indicator declined retreated to -12.0 and -1.3, respectively, in September, while consumer sentiment fell to -25.9 in September.

In Germany, the import prices rose 3.2% (YoY) in August, while export prices increased 1.8% (YoY) in August. Additionally, on a seasonally adjusted basis, the unemployment rate remained unchanged at 6.8% in September, even as the number of unemployed people increased by 9,000. Spanish retail sales declined by 2.1% (MoM) in August, compared to a 7.4% drop in July.

In the Asian session, at GMT0300, the pair is trading at 1.2936, with the EUR trading 0.19% higher from yesterday’s close.

The pair is expected to find support at 1.2862, and a fall through could take it to the next support level of 1.2789. The pair is expected to find its first resistance at 1.2976, and a rise through could take it to the next resistance level of 1.3016.

Trading trends in the pair today are expected to be determined by the release of French gross domestic product and German retail sales data. Investors also await the results of stress tests for Spanish banks due later today.

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

GCI Forex News - GBP/USD: UK GDP contracted less-than-expected in the Q2 of 2012; Pound continues its rally this morning

GBPUSD Movement

For the 24 hours to 23:00 GMT, GBP rose 0.36% against the USD and closed at 1.6232, after data showed that the UK economy contracted less-than-expected in the 2nd quarter of 2012.

In the UK, Gross Domestic Product (GDP) contracted 0.4% (QoQ) in Q2 FY2012, smaller than the 0.5% drop previously estimated, however the current account deficit widened to £20.8 billion in the Q2 FY2012, from a revised deficit of £15.4 billion in the previous quarter.

Meanwhile, the Bank of England policymaker, Paul Fisher stated that he expects a “very strong” gross domestic product number in the third quarter.

In the Asian session, at GMT0300, the pair is trading at 1.6254, with the GBP trading 0.14% higher from yesterday’s close after the GfK NOP consumer confidence index in the UK rose to – 28, a 15-month high, from -29 in August.

The pair is expected to find support at 1.6195, and a fall through could take it to the next support level of 1.6135. The pair is expected to find its first resistance at 1.6286, and a rise through could take it to the next resistance level of 1.6318.

In the day ahead, investors await the release of index of services data in the UK.

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