Daily Gold & Currency Trading News Update

The United States dollar declined versus most majors as optimism regarding the Greek aid package sapped safe haven demand. The Euro rose as Euro Zone Finance Ministers reach a deal on a Greek package. The United States Stock Market remained closed due to President’s day and crude gained by 1.5% closing at $105/barrel and gold by 0.63% closing at $1,732/ounce. No economic data is expected today.

The Euro continued to climb and stock market in the Europe finished higher versus the United States dollar, following the approval of Greek’s second bailout plan last night. Euro Zone Finance Ministers agreed to finance €130B and left the debt GDP ratio decline to 121% by 2020. The pair is considered bullish above 1.3100 with the next resistance level at 1.3300.

The British Pound gained as optimism rose and Home prices increased, further signs that the economy might just be improving. The British Pound followed the Euro upward after the agreement on Greece’s second bailout. The gbp/usd remained bullish with the pair facing its next major resistance level at 1.5920; today’s Publish Sector Net Borrowing is expected at -8.9B versus 10.8B prior.

The Japanese Yen declined against the United States dollar almost touching its lowest level since August as demand for safety weighs. Technically, the momentum continues to be bullish for the usd/jpy breaking through its strong resistance level at 79.50. No major economic data is expected today.

The Canadian dollar showed strength versus the Greenback after oil prices rose to a 9-month high after Iran announce that it had halted crude oil exports to the United Kingdom and France as a response to sanctions on its nuclear programme. The high yielding Lonnie is set for more gains as economic conditions seems to be improving and investors turn to more risky assets. The usd/cad is currently on a downtrend and a break below the 0.9890 support level could lead to a fall in the pair.