Forex News – Trading Point Daily Market Review – United States Session

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Forex News - Trading Point Daily Market Review – United States SessionThe United States session saw the Euro trade level around the 1.4300 level with limited volatility, after haven rallied some 200 pips in earlier sessions to rise from a low of 1.4126 to a high of 1.4338. The Euro was buoyed as hopes for a second bailout plan for Greece rose with the backing of Germany and France. The German chancellor Angela Merkel, and France’s president Nicholas Sarkozy back the rescue plan for Greece, however the Euro is still seen as vulnerable as there still remains to be seen a concrete solution to the Greek debt crisis. The Euro is currently trading around the 1.4315 levels, with oscillations ranging by little more than +/- 20pips. The end of the US session saw a steep drop in the EURUSD as Moody’s said that it will place Italy’s credit rating on Review.

 

The Sterling dropped against the Euro today as the news of a possible 2nd bailout for Greece helped push the EURGBP to a high of 0.8853. The current level of the cross pair at 0.8845 see’s the pair trading at above the 55-Day moving average at 0.8810. A close above this point could signal greater gains for the pair and may see it head towards the June high of 89.77. Against the Dollar the Sterling remained firm around 1.6170, oscillating by +/- 25 pips, after having gained over 90 pips in earlier session.

 

The Canadian Dollar remained firm against the Dollar, with the USDCAD remaining at the lower levels of 0.9800 as the CAD benefited from the recent recovery seen in the Euro. In addition, Canada’s wholesale trade data came in better than expected, helping to momentarily boost the CAD against the USD.

 

The Swiss Franc pulled off from record highs against the Euro in the US session to trade around the 1.2115 levels for most of the session with movement limited to +/-20 pips. Earlier sessions saw the Swissy flirt with the recent record low of the EURCHF at 1.1945, however the increase in demand for the Euro, brought on by the increasing likelihood of a 2nd bailout for Greece, saw investors move to the riskier currency.

 

 

EURUSD USDJPY GBPUSD USDCHF USDCAD GOLD
OPEN

(12:00 GMT)

1.4297 80.24 1.6185 0.8473 0.9780 1528.3
DAY’S HIGH 1.4338 80.66 1.6194 0.8509 0.9867 1541.9
DAY’S LOW 1.4126 80.00 1.6092 0.8441 0.9774 1522.2
CLOSE

(21:00 GMT)

1.4305 80.01 1.6176 0.8482 0.9799 1538.4