GCI Forex News - AUD/USD: Australian Dollar rises on building approvals, China trade data

AUDUSD Movement

For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.13% against the USD to close at 1.0386, as broadly better-than-expected Chinese economic data was overshadowed by concerns over the situation in the Euro-zone and worries over the US fiscal policy.

LME Copper prices declined 0.9% or $65.0/MT to $7540.3/MT. Aluminium prices declined 0.4% or $8.5/MT to $1888.8/MT.

Data from China’s General Administration of Customs on Saturday indicated that China’s trade surplus rose to $31.99 billion in October versus expectations for $27.0 billion surplus. In September, trade surplus was $27.67 billion.

In the Asian session, at GMT0400, the pair is trading at 1.0419, with the AUD trading 0.32% higher from Friday’s close.

Today morning, home loan approvals in Australia rose a seasonally adjusted 0.9% (MoM) in September, following the upwardly revised gain of 2.1% in August. Moreover, investment lending surged 8.6% (MoM) to A$7.301 billion.

Separately, on an annual basis, the M2 money supply in China surged 14.5% in October, compared to a 14.8% rise recorded in the previous month.

The pair is expected to find support at 1.0374, and a fall through could take it to the next support level of 1.0329. The pair is expected to find its first resistance at 1.0450, and a rise through could take it to the next resistance level of 1.0480.

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

GCI Forex News - Gold: Gold trading higher this morning

Gold Movement

Gold prices traded higher by 0.88% against the USD in the 24 hour period ending 23:00GMT, at 1732.35 per ounce.

In the Asian session, at GMT0400, Gold is trading at 1733.75, marginally higher from yesterday’s close.

Gold is expected to find support at 1719.12, and a fall through could take it to the next support level of 1704.49. Gold is expected to find its first resistance at 1742.11, and a rise through could take it to the next resistance level of 1750.48.

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

GCI Forex News - Silver: White metal rises in the Asian session

Silver Movement

Silver prices rose 1.58% to the USD32.33 per ounce during the 24 hours ending 23:00GMT.

In the Asian session, at GMT0400, Silver is trading at 32.37, 0.11% higher from yesterday’s close.

Silver is expected to find support at 31.86, and a fall through could take it to the next support level of 31.35. Silver is expected to find its first resistance at 32.67, and a rise through could take it to the next resistance level of 32.97.

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

GCI Forex News - Crude Oil: Oil rose amid upbeat US economic data

Crude Oil Movement

Crude Oil prices advanced 0.40% against the USD for the 24 hour period ending 23:00GMT, closing at 85.03, amid upbeat US economic news.

However, gains were limited, as the European Central Bank President, Mario Draghi, maintained a downbeat outlook on the Euro-zone economy.

In the Asian session, at GMT0400, Crude Oil is trading at 85.41, 0.45% higher from yesterday’s close.

Crude oil is expected to find support at 84.53, and a fall through could take it to the next support level of 83.66. Crude Oil is expected to find its first resistance at 85.99, and a rise through could take it to the next resistance level of 86.58.

Crude Oil is trading between its 20 Hr and 50 Hr moving averages.

GCI Forex News - EUR/USD: Euro fell on Draghi’s pessimistic comments, trading higher this morning

EURUSD Movement

For the 24 hours to 23:00 GMT, EUR declined 0.12% against the USD and closed at 1.2742, after the European Central Bank President, Mario Draghi stated that economic activity in the Euro-zone is expected to remain weak.

Moreover, the European Central Bank left its key interest rates unchanged at 0.75% for the fourth consecutive month, amid signs of an increasingly deteriorating Euro-zone economy with record high unemployment.

Also, yesterday, Spain sold €4.76 billion ($6.06 billion) of debt, including the longest-maturity security it has auctioned in more than a year, thereby easing pressure on Prime Minister, Mariano Rajoy from requesting a bailout before the end of this year.

On the economic front, German trade surplus narrowed to €17.0 billion in September, from a revised €18.1 billion in August. Exports declined 2.5% (MoM) in September, while imports dropped 1.6% (MoM) in September. Meanwhile, current account surplus widened to €16.3 billion in September, from a revised €12.5 billion in August. Separately, the French trade deficit dropped to €5.0 billion in September, from the downwardly revised €5.3 billion deficit in August.

In the Asian session, at GMT0400, the pair is trading at 1.2773, with the EUR trading 0.25% higher from yesterday’s close.

The pair is expected to find support at 1.2732, and a fall through could take it to the next support level of 1.2692. The pair is expected to find its first resistance at 1.2798, and a rise through could take it to the next resistance level of 1.2823.

Trading trends in the pair today are expected to be determined by the release of the consumer price index in Germany.

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

GCI Forex News - GBP/USD: BoE left interest rates unchanged; Pound trading higher in the Asian session

GBPUSD Movement

For the 24 hours to 23:00 GMT, GBP remained flat against the USD and closed at 1.5976.

Yesterday, the Bank of England (BoE) left the interest rates unchanged at 0.50%, and maintained its quantitative easing at £375 billion, following its policy-setting meeting.

In the Asian session, at GMT0400, the pair is trading at 1.6008, with the GBP trading 0.20% higher from yesterday’s close.

The pair is expected to find support at 1.5953, and a fall through could take it to the next support level of 1.5899. The pair is expected to find its first resistance at 1.6038, and a rise through could take it to the next resistance level of 1.6068.

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

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

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

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD weakened 0.62% against the JPY and closed at 79.49. Yesterday, The International Monetary Fund urged the US policy-makers to quickly reach an agreement on a permanent fix to avoid automatic tax hikes and spending cuts early next year, citing a stop-gap solution could be harmful to the global economy.

Meanwhile, Standard Poor’s stated that it foresees a 15.0% probability of the US to go over the fiscal cliff next year. However, it expects policymakers to probably compromise in time to avoid that outcome.

On the economic front, Japan’s Eco Watchers’ survey indicated that the current economic situation declined to a reading 39.0 in October, from 41.2 in September. Meanwhile, the outlook index dropped to 41.7 in October, from 43.5 in September.

In the Asian session, at GMT0400, the pair is trading at 79.54, with the USD trading marginally higher from yesterday’s close.

This morning in Japan, the M2 money stock was up 2.3% (YoY) in October standing at ¥818.3 trillion.

The pair is expected to find support at 79.25, and a fall through could take it to the next support level of 78.96. The pair is expected to find its first resistance at 79.90, and a rise through could take it to the next resistance level of 80.27.

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

GCI Forex News - USD/CHF: US Dollar trading lower against the Swiss Franc

USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose marginally against the CHF and closed at 0.9464, amid positive US economic data.

In the US, trade deficit narrowed to $41.5 billion in September, from a revised deficit of $43.8 billion in August. Separately, initial jobless claims fell to 355,000 in the week ended November 6, from the previous week’s unrevised figure of 363,000.

On the other hand, Switzerland’s seasonally adjusted unemployment rate rose to 3.0% in October, from 2.9% in September.

In the Asian session, at GMT0400, the pair is trading at 0.9441, with the USD trading 0.25% lower from yesterday’s close.

The pair is expected to find support at 0.9423, and a fall through could take it to the next support level of 0.9405. The pair is expected to find its first resistance at 0.9470, and a rise through could take it to the next resistance level of 0.9500.

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