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The dollar continued to gain strength on Friday on the major pairs, despite hurricane Gustav’s influence on the markets. While one would expect commodity currencies to increase due to oil production disruption after previous experienced hurricanes like Katrina, the currency markets seem to be pricing in the unpredicted - the dollar gapped up after this week’s open. Despite recent price action, traders should continue to be cautious as a category hurricane 4 could still surprise the markets. Friday was also characterized by high volatility as a wave of economic data hit the boards, showing that personal consumption in the U.S advanced by 1.7%. In addition, the University of Michigan’s Consumer sentiment report beat analysts’ expectations, showing a reading of 63. The USD/CAD rallied after finding support around the 61.8% Fibonacci retracement of the 1.0435 – 1.0537 move. The rally was caused by the release of a Canadian GDP (qq) reading of 0.1%, a reading which was already baked into the markets price. The euro continues to remain in focus as the ECB adheres to its monetary policy - keeping high interest rates despite a deteriorating economy. To date, the EUR/USD currency pair is trading between monthly trend line support and resistance. The major indices continued on their consolidating path, giving back Thursday’s gains to close the session down by an average of 1.5%. Crude oil closed the session down by 0.11%. Gold continues to linger around resistance, closing Friday’s session at $829.70 per ounce. Even though volatility should be relatively low today, as both the Canadian and U.S markets are closed, traders should continue to eye European data, especially as currency pairs are trading around critical levels.
Japanese Yen
British Pound
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