GCI Forex News - USD/JPY: Japan recorded its worst October trade figures in more than 30 years, trading lower in the Asian session

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD strengthened 0.46% against the JPY and closed at 81.74. In economic news, Japan’s department store sales fell 2.4% (YoY) in October, while its all industry activity eased 0.3% (MoM) in September, against the expectations for a 0.4% decrease.

In the Asian session, at GMT0400, the pair is trading at 81.80, with the USD trading marginally higher from yesterday’s close.

This morning, Japan posted a merchandise trade deficit of ¥549.0 billion in October, following a downwardly revised deficit of ¥561.7 billion in September. Exports declined 6.5% (YoY) to ¥5.149 trillion in October, while imports fell an annual 1.6% to ¥5.698 trillion in October.

The pair is expected to find support at 81.30, and a fall through could take it to the next support level of 80.80. The pair is expected to find its first resistance at 82.13, and a rise through could take it to the next resistance level of 82.47.

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

GCI Forex News - USD/JPY: Yen trading higher as BoJ keeps policy unchanged

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD weakened 0.23% against the JPY and closed at 81.37.

On the economic front, the leading index in Japan declined to a reading of 91.6 in September, compared to a reading of 91.7 in August. Meanwhile, the coincident index rose slightly to a reading of 91.5 in September, compared to a reading of 91.2 in the previous month. Additionally, machine tool orders fell 6.7% (YoY) in October, compared to a similar drop in the previous month.

In the Asian session, at GMT0400, the pair is trading at 81.26, with the USD trading 0.14% lower from yesterday’s close.

This morning, the Bank of Japan (BoJ), in a widely expected decision, decided to keep the monetary policy unchanged at 0%-0.1% by a unanimous vote and retained its asset-buying program at ¥91 trillion. The BoJ also stated that the economy has been weakening somewhat and is expected to remain relatively weak for the time being.

Additionally, Japan’s all industry activity fell 0.3% (MoM) in September. Analysts had forecast activity to expand 0.5% after remaining flat a month ago.

The pair is expected to find support at 81.08, and a fall through could take it to the next support level of 80.91. The pair is expected to find its first resistance at 81.43, and a rise through could take it to the next resistance level of 81.61.

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

GCI Forex News - USD/CAD: Canadian Dollar gains on stronger oil prices

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.33% against the CAD to close at 0.9970, as hopes for progress on resolving the US fiscal cliff and rising crude oil prices boosted demand for the Canadian dollar.

In the Asian session, at GMT0400, the pair is trading at 0.9962, with the USD trading marginally lower from yesterday’s close.

The pair is expected to find support at 0.9942, and a fall through could take it to the next support level of 0.9922. The pair is expected to find its first resistance at 0.9995, and a rise through could take it to the next resistance level of 1.0028.

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

GCI Forex News - AUD/USD: RBA considered more easing may be appropriate, indicates Minutes

AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD strengthened 0.39% against the USD to close at 1.0401.

LME Copper prices rose 1.3% or $97.5/MT to $7670.3/MT. Aluminium prices rose 0.3% or $6.5/MT to $1927.8/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0410, with the AUD trading marginally higher from yesterday’s close.

This morning, the Conference Board’s leading index for Australia fell 0.3% in September, compared to a 0.8% fall in the previous month.

Meanwhile, the minutes of the Reserve Bank of Australia’s (RBA) November 6 policy meeting, released today morning, indicated that more interest-rate reductions may be appropriate to spur economic growth as a mining boom wanes.

In China, Foreign Direct Investment (FDI) decreased 3.5% (YoY) for the first ten months of 2012 to $91.7 billion.

The pair is expected to find support at 1.0373, and a fall through could take it to the next support level of 1.0336. The pair is expected to find its first resistance at 1.0436, and a rise through could take it to the next resistance level of 1.0462.

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

GCI Forex News - USD/CHF: Swiss Franc trading higher against the greenback in the Asian session

USDCHF Movement

For the 24 hours to 23:00 GMT on Friday, the USD rose 0.32% against the CHF and closed at 0.9455, as demand for the greenback was supported by ongoing concerns over the US fiscal policy, as well as worries over the fiscal and economic outlook for the Euro-zone.

The Swiss National Bank Chairman, Thomas Jordan, stated that, at its current rate, the Swiss Franc remains high and is weighing on the Swiss economy. He reaffirmed that the central bank would continue to enforce the minimum 1.20 per euro exchange rate floor with utmost determination.

In the Asian session, at GMT0400, the pair is trading at 0.9448, with the USD trading marginally lower from Friday’s close.

The pair is expected to find support at 0.9418, and a fall through could take it to the next support level of 0.9389. The pair is expected to find its first resistance at 0.9484, and a rise through could take it to the next resistance level of 0.9521.

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

GCI Forex News - USD/CAD: Trading at Parity

USDCAD Movement

For the 24 hours to 23:00 GMT on Friday, the USD rose marginally against the CAD to close at 1.0012. However, losses in the Canadian dollar were capped, supported by a rise in oil prices.

In the Asian session, at GMT0400, the pair is trading at 0.9999, with the USD trading 0.13% lower from Friday’s close.

The pair is expected to find support at 0.9979, and a fall through could take it to the next support level of 0.9958. The pair is expected to find its first resistance at 1.0039, and a rise through could take it to the next resistance level of 1.0078.

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

GCI Forex News - AUD/USD: Aussie rises as risk appetite came to fore

AUDUSD Movement

For the 24 hours to 23:00 GMT on Friday, the AUD strengthened marginally against the USD to close at 1.0339.

On Sunday, in China, the house price index fell 1.1% (MoM) in October, following a 1.3% drop recorded in the previous month.

LME Copper prices declined 0.4% or $32.5/MT to $7572.8/MT. Aluminium prices declined 0.5% or $10.5/MT to $1921.3/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0374, with the AUD trading 0.34% higher from Friday’s close, after the US President, Barack Obama expressed confidence that the US can avoid the so-called fiscal cliff, boosting demand for high-yielding currencies. The Aussie also advanced, on rise in risk appetite as the Bank of Japan begins a two-day policy meeting with political pressure mounting for more monetary stimulus.

The pair is expected to find support at 1.0315, and a fall through could take it to the next support level of 1.0256. 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 1.0438.

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

GCI Forex News - Gold: Gold prices fell after World Gold Council reported a drop in demand

Gold Movement

Gold prices traded lower by 0.51% against the USD in the 24 hour period ending 23:00GMT, at 1715.70 per ounce, after the World Gold Council reported that global demand for gold declined 11% from a record a year earlier as slowing growth in China, the world’s second-biggest consumer, reduced investment and jewellery purchases.

In the Asian session, at GMT0400, Gold is trading at 1711.95, 0.22% lower from yesterday’s close.

Gold is expected to find support at 1701.94, and a fall through could take it to the next support level of 1691.94. Gold is expected to find its first resistance at 1724.98, and a rise through could take it to the next resistance level of 1738.01.

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