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| | Demo|Live|Free Practice  Daily Newsletter: 07/07/2009
By Loic Bondiguel - ACM Advanced Currency Markets, Geneva, Switzerland | | | | Consolidation on Majors ahead of G8 Meeting | News and Events: The Yen gained broadly on Monday. The dollar hit a five-week low against the yen as fallout from last week's grim U.S. jobs data unnerved investors who had bet on an improving world economy.
The Dollar briefly hit a two-week high against the Euro but gave up gains as the Dow and S&P 500 staged a late return to positive territory.
The market mood, though, remained cautious. The USD was down 0.8 percent at 95.30 Yen after hitting a five-week low of 94.66 Yen.
Markets recovered from the lows set early in the London session as US equities ground out small gains on the back of a slightly better than expected US services ISM number and a good performance by defensive stocks leading into the 2nd qtr earnings season.
The Australian dollar, the biggest gainer among major currencies this year as investors crept back into higher-yielding, higher-risk assets, was steady at 0.7960 just before the Reserve Bank of Australia's monthly policy meeting. The RBA was widely expected to keep rates on hold at 3 percent, among the highest short-term rates of developed economies and one of the reasons for the Aussie's nearly 13 percent surge against the U.S. dollar this year.  Read Today's Key Issues and The Risk Today
| Resistance and Support: | EURUSD | GBPUSD | USDJPY | USDCHF | | 1.4130 | 1.6500 | 97.90 | 1.1060 | | 1.4080 | 1.6430 | 97.00 | 1.1025 | | 1.4030 | 1.6330 | 96.30 | 1.0980 | | 1.3970 | 1.6207 | 95.15 | 1.0870 | | 1.3825 | 1.6075 | 94.40 | 1.0820 | | 1.3750 | 1.5985 | 93.85 | 1.0780 | | 1.3725 | 1.5945 | 93.55 | 1.0705 | | S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot | | Quick access to our 5 previous newsletters: |
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