GCI Forex News - USD/CAD: Canadian retail sales improves, Loonie trading lower this morning

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.12% against the CAD to close at 0.9877, amid positive retail sales data in Canada and following a rise in crude oil prices.

Yesterday, Canadian retail sales increased 0.7% (MoM) to CAD39.45 billion ($39.93 billion), following a revised 0.2% increase in September.

In the Asian session, at GMT0400, the pair is trading at 0.9898, with the USD trading 0.21% higher from yesterday’s close.

The pair is expected to find support at 0.9879, and a fall through could take it to the next support level of 0.9859. The pair is expected to find its first resistance at 0.9908, and a rise through could take it to the next resistance level of 0.9919.

Investors await the release of gross domestic product and consumer price index data in Canada

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

GCI Forex News - USD/CHF: Swiss trade surplus widened in November

USDCHF Movement

For the 24 hours to 2:00 GMT, the USD declined 0.14% against the CHF and closed at 0.9122, as Switzerland’s trade surplus widened to CHF2.95 billion in November, against the revised CHF2.73 billion surplus recorded in the previous month. Also, exports rose 6.0% (MoM) in November, reversing a 7.3% drop in October, while imports increased 0.2% in November, compared to a 6.9% drop reported in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9147, with the USD trading 0.28% higher from yesterday’s close.

The pair is expected to find support at 0.9101, and a fall through could take it to the next support level of 0.9056. The pair is expected to find its first resistance at 0.9175, and a rise through could take it to the next resistance level of 0.9203.

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

GCI Forex News - USD/JPY: Yen trading higher this morning

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD strengthened 0.23% against the JPY and closed at 84.43.

In the Asian session, at GMT0400, the pair is trading at 83.95, with the USD trading 0.57% lower from yesterday’s close.

The pair is expected to find support at 83.72, and a fall through could take it to the next support level of 83.49. The pair is expected to find its first resistance at 84.31, and a rise through could take it to the next resistance level of 84.68.

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

GCI Forex News - GBP/USD: Pound trading lower this morning

GBPUSD Movement

For the 24 hours to 23:00 GMT, GBP rose 0.13% against the USD and closed at 1.6272, as investors digested stronger-than-expected data out of the US.

Meanwhile in the UK, the Office for National Statistics (ONS) reported that retail sales remained flat in November, following a revised drop of 0.7% (MoM) recorded in October.

In the Asian session, at GMT0400, the pair is trading at 1.6246, with the GBP trading 0.16% lower from yesterday’s close. Data released this morning indicated that consumer confidence in the UK fell to a reading of -29 from the November reading of -22.

The pair is expected to find support at 1.6226, and a fall through could take it to the next support level of 1.6206. The pair is expected to find its first resistance at 1.6281, and a rise through could take it to the next resistance level of 1.6316.

Trading trends in the pair today are expected to be determined by the releases of gross domestic product and public sector net borrowing data in the UK.

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

GCI Forex News - EUR/USD: Euro gained as investor cheered positive US economic data, trading lower this morning

EURUSD Movement

For the 24 hours to 23:00 GMT, EUR rose 0.18% against the USD and closed at 1.3237, as risk appetite increased among investors after the US government revised its Q3 FY2012 gross domestic product growth rates higher than expected.

In the US, on a quarterly basis, the Gross Domestic Product (GDP) rose to an annualised rate of 3.1% in 3Q FY2012, compared to a growth of 2.7% initially reported. Moreover, exports increased 1.9% in the 3Q FY2012, following a 5.3% rise recorded in the previous quarter, while imports fell 0.6% in 3Q FY2012, following a 2.8% increase reported in the previous quarter. Also, consumer spending rose 1.6% in 3QFY2012, compared to 1.4% increase previously reported, and a rise of 1.5% in the 2Q FY2012. Moreover, the Conference Board reported that on a monthly basis, its leading economic index in the US fell 0.2% in November, in line with the market expectations and compared to a revised 0.3% rise recorded in October. Separately, the National Association of Realtors (NAR) reported that, the existing home sales rose 5.9% to an annual rate of 5.04 million in November, marking its highest level since November 2009 and compared to a downwardly revised 4.76 million recorded in October.

Meanwhile, in the Euro-zone, consumer confidence rose to -26.6 in December, from -26.9 in November.

In Germany, the producer price index edged down 0.1% in November, after staying flat in the previous month. Economists were looking for a 0.2% decline. Separately, import prices remained unchanged compared to October, when they decreased by 0.6%. The index was forecast to fall 0.2% (MoM) in November.

In the Asian session, at GMT0400, the pair is trading at 1.3194, with the EUR trading 0.33% lower from yesterday’s close.

The pair is expected to find support at 1.3151, and a fall through could take it to the next support level of 1.3108. The pair is expected to find its first resistance at 1.3266, and a rise through could take it to the next resistance level of 1.3338.

Trading trends in the pair today are expected to be determined by the release of consumer confidence survey data in Germany. Important releases in the US include core personal consumption expenditure price index, Reuters/Michigan consumer sentiment index and personal spending data.

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

GCI Forex News - USD/CHF: Swiss Franc trading tad lower this morning, awaits trade balance data

USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose marginally against the CHF and closed at 0.9137.

On the US economic front, the Mortgage Bankers Association (MBA), reported that on a seasonally adjusted basis, mortgage application volume, for the week ended 14 December 2012, fell 12.3% from one week earlier, marking its lowest level since early November. Separately, on a seasonally adjusted monthly basis, housing starts fell 3.0% to annual rate of 861,000 in November from an upwardly revised estimate of 888,000 in October.

In the Asian session, at GMT0400, the pair is trading at 0.9133, with the USD trading marginally lower from yesterday’s close.

The pair is expected to find support at 0.9096, and a fall through could take it to the next support level of 0.9058. The pair is expected to find its first resistance at 0.9163, and a rise through could take it to the next resistance level of 0.9193.

Trading trends in the pair today are expected to be determined by the release of trade balance data in Switzerland.

The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.

GCI Forex News - USD/CAD: Canadian Dollar trading lower

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.27% against the CAD to close at 0.9889.

In Canada, wholesale sales rose 0.9% in October to C$49.2 billion ($49.9 billion) after a revised 1.5% drop in September.

In the Asian session, at GMT0400, the pair is trading at 0.9890, with the USD trading marginally higher from yesterday’s close.

The pair is expected to find support at 0.9862, and a fall through could take it to the next support level of 0.9834. The pair is expected to find its first resistance at 0.9905, and a rise through could take it to the next resistance level of 0.9921.

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

GCI Forex News - AUD/USD: Wayne Swan indicates budget surplus unlikely

AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD weakened 0.40% against the USD to close at 1.0476.

LME Copper prices declined 0.7% or $60.0/MT to $7945.3/MT. Aluminium prices declined 0.4% or $8.0/MT to $2072.5/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0481, with the AUD trading marginally higher from yesterday’s close. Meanwhile, Australia’s Treasurer, Wayne Swan, indicated that the government is unlikely to reach its previously announced goal of a budget surplus for the fiscal year ending June 30, 2013. He cited lower commodities prices, which have adversely impacted government revenue, as one reason the surplus may not be realized.

The pair is expected to find support at 1.0453, and a fall through could take it to the next support level of 1.0425. The pair is expected to find its first resistance at 1.0521, and a rise through could take it to the next resistance level of 1.0561.

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