Dubai Forums Dubai Business Dubai Business Talk

EUR/USD
The EUR rose 0.40% against the USD and closed at 1.2474. In the US, the NFIB small business optimism index rose to a level of 96.10 in October, compared to a level of 95.30 registered in the previous month. Meanwhile, the nation’s Redbook index on a yearly basis recorded a rise of 3.80% in the week ended 07 November, following a rise of 3.90% recorded in the prior week. The pair is expected to find support at 1.2407, and a fall through could take it to the next support level of 1.2348. The pair is expected to find its first resistance at 1.2513, and a rise through could take it to the next resistance level of 1.2560. Trading trends in the Euro today are expected to be determined by the Euro-zone’s industrial production data, set for release in a few hours.
GBP/USD
The GBP rose 0.47% against the USD and closed at 1.5920. The pair is expected to find support at 1.5848, and a fall through could take it to the next support level of 1.5786. The pair is expected to find its first resistance at 1.5960, and a rise through could take it to the next resistance level of 1.6010. Looking ahead, investors await the UK’s ILO unemployment rate, scheduled in a few hours. Meanwhile, the BoE’s quarterly inflation report will attract considerable market attention, scheduled later today.
USD/JPY
The USD strengthened 0.91% against the JPY and closed at 115.89.The pair is expected to find support at 114.98, and a fall through could take it to the next support level of 114.15. Earlier today, the BoJ Board Member Ryuzo Miyao stated that the central bank could start discussing about winding up its ultra-loose monetary policy in the second half of fiscal 2015, as the recent stimulus expansion decision had increased the probability of the BoJ meeting its 2% inflation target. Overnight data indicated that, Japan’s tertiary industry index rebounded 1.0% on a monthly basis in September, following a drop of 0.1% recorded in the previous month. The pair is expected to find its first resistance at 116.37, and a rise through could take it to the next resistance level of 116.94. Going forward, investors look forward to Japan’s annual machine orders data for further cues, scheduled overnight.
USD/CHF
The USD declined 0.36% against the CHF and closed at 0.9646. The pair is expected to find support at 0.9618, and a fall through could take it to the next support level of 0.9583. The pair is expected to find its first resistance at 0.9695, and a rise through could take it to the next resistance level of 0.9737.