Volatility remained relatively low

Due to the lack of market moving data from the U.S yesterday, volatility remained relatively low on most of the currency pairs. Even though inflation data was published in England (PPI results), it didn’t cause any major movement on its release. Towards the afternoon, Housing Starts from Canada took center stage as the result showed an amazing 256.9k, much higher than expected. The U.S indices characterized a volatile session closing the session with losses,. The intraday down-trend was led by financial shares, as investors speculated that earning estimates will prove to be too high, especially due to the credit crises. Even though Gold closed the session down, crude oil continued to climb higher closing the session at $107.4 per barrel. Looking forward, International trade balances from the U.S and Canada will be scrutinized today, especially as current currency prices are having mass affects on imports and exports worldwide.

 
Euro | Japanese Yen | British Pound

 
Euro
 
The EUR/USD traded mixed throughout most of the trading session opening in Asia at $1.5358 and closing just below its opening price at $1.5345. Lack of data from the U.S and Europe reflected on this pair as it continued to test its recent highs.

Support: 1.5330, 1.5250, 1.5150 
Resistance: 1.5440, 1.5460, 1.5500 
 
Euro | Japanese Yen | British Pound

Japanese Yen
 
After trading stable for the first couple of hours, the U.S dollar lost its strength at the start of the U.S equity session, plunging down to touch an intraday low of ¥101.55. Trading at weekly support levels, the dollar managed to stay afloat closing the session just above its low of the day at ¥101.74.

Support: 101.40, 101.00, 101.20 
Resistance: 102.50, 102.80, 103.30 
 
Euro | Japanese Yen | British Pound

 
British Pound
 
Despite strong PPI results from England, the pound didn’t manage to hold its gains throughout the session, closing the session down at $2.0087. The Pound is currently testing its breakout, after rallying over the last few days.

Support: 2.0100, 2.0050, 2.0000 
Resistance: 2.0180, 2.0250, 2.0280 
 
Euro | Japanese Yen | British Pound