UFXMarkets Daily Forex Currency Trading News 09-September-2013
For more currency & commodity news & info, visit
Major U.S indices finished almost unchanged on Friday due to mixed economic news; the unemployment rate came out better than expected. However, the good news was overshadowed by the disappointing Non-Farm Employment Change. The S&P 500 rose by 0.01%, the Dow Jones declined by 0.10% and the NASDSAQ added 0.03% to its value. Facebook shares rose by 3.02% last Friday. The company’s shares soared more than 90% in the last three months due to signs that the company is able to crack the mobile revenue model.
The Dollar declined versus most of his major’s currencies after Non-Farm Employment Change came out worse than expected at 169K vs. 178K forecast. However, any voices of war from the U.S — Syria conflict this week may cause the investors move back to the safe haven of the “greenback”.
Gold rose by 1.64% and closed at $1,391 an ounce, while Crude Oil gained by 1.90% to close at $110 a barrel following concerns the U.S. will decide to attack Syria next week.
The Euro rose versus the Dollar after German Industrial Production came out better than last month. The EUR/USD is trading above the support of 1.3100 which is also the 50% “Fibonacci retracement” level. As long as the pair is trading above this level it may rise towards 1.3250.
The Pound strengthened versus the Dollar after the National Institute of Economic and Social Research published a report which showed that U.K economic has grown faster in last 3 months than in the last 3 years. Technically, GBP/USD is trading in an ascending channel according to the 1 hour chart. The pair may rise towards the 1.5750 resistance level as long it remains above the support at 1.5580.