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Hello, it's Monday, October 3, 2011 and I'm Martin Smith with the daily outlook from UFX
Bank.
The US Dollar strengthened against most of the major currencies on concerns global growth
is slowing, thus boosting investors’ demand for currencies perceived as being the safest.
It is important to notice that the US Dollar rally is an outcome of this fact as there
is really no other choice for a safe haven. At the same time, consumer spending in the
U.S. slowed in August as incomes unexpectedly dropped for the first time in almost two years.
Wall Street closed negative as the NASDAQ fell by 2.63% and the Dow declined by 2.16%
as investors speculated policy makers are doing too little to contain the European debt
crisis. Crude oil fell by 0.95% and closed at .30 a barrel as signs of slowing growth
in China, the U.S. and Germany heightened concern that fuel demand will weaken. Gold
(XAU) trade unchanged, closing at php,630 an ounce. Today, ISM Manufacturing PMI is expected
to show 50.50 vs. 50.60 previously.
The Euro fell to a 10-month low against the U.S Dollar due to a decrease in risk aversion
and high concern that European leaders won’t be able to contain the region’s debt crisis
and Greece may default on its debt. There is still high risk for the European economy
despite the ECB effort buying the bonds of Italy and Spain to stabilize the nations’
borrowing costs and curb liquidity concern. Trading below the resistance level of 1.3680
will keep the momentum of the pair negative, but if the pair breaks above this, it may
reach 1.4060 again. Overall, the EUR/USD traded with a low of

1.3330 and a high of 1.3689.
Today no economic data is expected.
The British Pound fell against the Greenback after Prime Minister Cameron said his government
is determined to do everything it can within its deficit-reduction rules to restore growth
to the U.K. economy. His words signaled for investors the option of lowering interest
rates in the future. The trend for the pair remains bearish if it maintains its resistance
level of 1.5730, but if the pair breaks that it may reach 1.5950 again. Overall, the GBP/USD
traded with a low of 1.5531 and a high of 1.5715. Today, Manufacturing PMI is expected
to decline to 48.9 vs. 49.0 previously.
The US Dollar strengthened against the Yen due to expectation that the central bank of
Japan will take “bold” action by purchasing Dollars in order to weaken the Yen and help
exporters. Technically, trading above 76.80 will keep the trend bullish and the pair may
test it resistance of 77.50. Today no economic data is expected.
The Canadian Dollar fell the most since October 2008 as concern that the global economy is
sinking back into recession spurred a haven rally in the U.S. currency and dimmed the
outlook for commodity prices. The commodity-linked currency fell as crude oil prices lost ground.
The trend for the pair will continue to be bullish if it maintains its support level
of 1.0350. Today no economic data is expected.
Well, that’s all for today. Be sure to visit us at UFXBank.com, for simple, safe, and secure
trading.

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