US DOLLAR OVERVIEW
The greenback traded lower against most major currencies on Friday after data revealed output at the nation's factories, mines and utilities missed expectations for January, though a rather upbeat consumer sentiment report cushioned the dollar's losses.
The dollar fell on Thursday to a two-week low against the euro and British pound and slid against other major currencies , weakened by an unexpected fall in US retail sales which helped sow concerns that economic growth could be slowing
Economists polled by Reuters had forecast retail sales would be unchanged in January after rising by a previously reported 0.2 percent in December.
New Federal Reserve Chair
In U.S. trading on Friday, EUR/USD was up 0.13% at 1.3698.
The dollar was down against the yen, with USD/JPY down 0.27% at 101.90, and down against the Swiss franc, with USD/CHF down 0.20% at 0.8918.
The greenback was down against the pound, with GBP/USD up 0.50% at 1.6741.
The dollar index, was down 0.22% at 80.18
PAKISTANI RUPEE OUTLOOK
Pak rupee strengthened during the week . It started on Monday with
There were some positive and healthy developments during the week which suggest trend of strengthening the Pak Rupee in near future . However there was decline in the Forex Reserves during the week which suggest otherwise .
The country’s liquid foreign exchange reserves decline to below
The decline is mainly attributed to the maturing payment of
In joint press conference with
On Thursday a meeting to review the overall economy was held under the chairman ship of the Federal Minister for Finance Mr.
None the less , what ever Government predicts, the fact of the situation is that it is the common man which is the constant source and support for the foreign exchange reserves. SBP data shows that worker’s remittances grew by 10.08 percent to reach
USD/JPY WEEKLY OVERVIEW
The dollar fell against the yen on Friday after data revealed output at U.S. factories, mines and utilities came in weaker than expected last month, though an upbeat consumer sentiment report cushioned the greenback's losses
Japan’s ministry of finance said that 70% of country’s
At 1245 local time (
In U.S. trading, USD/JPY was down 0.32% and trading at 101.84, up from a session low of 101.58 and off a high of 102.41.
The yen, meanwhile, was up against the euro and down against the pound, with EUR/JPY down 0.21% at 139.48, and GBP/JPY trading up 0.14% at 170.44
TECHNICAL STUDY USING LUTFI MAGNET THEORY (USD/JPY) TIME S3 S2 S1 MAGNET POINT R1 R2 R3 WEEKLY 100.21 100.89 101.34 102.02 102.47 103.15
103.60 USD/JPY OPEN HIGH LOW CLOSE CHANGE WEEKLY 102.52 102.69 101.56 101.80 -0.7%
The yen is trading below the magnet 102.02. Its target is S1 101.34. If it goes above the magnet point the firs resistence is 102.47
EUR/USD WEEKLY OVERVIEW:
The euro firmed against the greenback on Friday after better-than-expected growth rates out of
The euro strengthened after preliminary data showed that the euro area's gross domestic product expanded by 0.3% in the fourth-quarter, beating expectations for a 0.2% gain, after a 0.1% rise in the third quarter.
A separate report showed that German GDP rose 0.4% in the fourth quarter, exceeding expectations for a 0.3% expansion, and after a 0.3% rise in the three months to September.
In U.S. trading, EUR/USD was trading at 1.3688, up 0.06%, up from a session low of 1.3674 and off a high of 1.3715.
The euro was down against the pound, with EUR/GBP slipping 0.38% to 0.81825, and down against the yen, with EUR/JPY trading down 0.24% at 139.45.
TECHNICAL STUDY USING LUTFI MAGNET THEORY (EUR/USD) TIME S3 S2 S1 MAGNET POINT R1 R2 R3 WEEKLY 1.3448 1.3504 1.3601 1.3657 1.3754 1.3810
1.3907 EUR/USD OPEN HIGH LOW CLOSE CHANGE WEEKLY 1.3615 1.3714 1.3561 1.3697 0.60%
The Euro is trading above the magnet point (1.3657) Its target resistence R1 (1.3754).and support s1(1.3601)
GBP/USD WEEKLY OVERVIEW:
The pound remained near 33-month highs against the U.S. dollar on Friday, after positive U.S. consumer sentiment data lent support to greenback, but the Bank of
GBP/USD hit 1.6724 during U.S. morning trade, the pair's highest since
The bank also updated its forward guidance on bank rates, saying it will not raise rates until the spare capacity in the
Sterling was higher against the euro, with EUR/GBP sliding 0.39% to 0.8181.
TECHNICAL STUDY USING LUTFI MAGNET THEORY (GBP/USD) TIME S3 S2 S1 MAGNET POINT R1 R2 R3 WEEKLY 1.6137 1.6259 1.6502 1.6624 1.6867 1.6989
1.7232 GBP/USD OPEN HIGH LOW CLOSE CHANGE WEEKLY 1.6394 1.6747 1.6382 1.6744 2.13%
The pound is trading above the magnet point (1.6624) and now focusing first resistence R1 (1.6867) and R2 (1.6989). If it comes below the magnet ,it gets support S1 (1.6502) and then S2 (1.6259)
GOLD WEEKLY OVERVIEW:
Gold prices shot up on Friday after a week of soft data sparked sentiments the Federal Reserve will very gradually taper its monthly bond purchases, which weaken the dollar by suppressing interest rates.
On the Comex division of the
The April contract settled up 0.39% at
TECHNICAL STUDY USING LUTFI MAGNET THEORY (GOLD) TIME S3 S2 S1 MAGNET POINT R1 R2 R3 WEEKLY 1224.18 1244.14 1281.18 1301.14 1338.18 1358.14 1395.18 GOLD OPEN HIGH LOW CLOSE CHANGE WEEKLY 1264.95 1321.09 1264.09 1318.23 4.21%
Gold came above the magnet point (1301.14).The next resistence R1 is 1338.18, while if it goes below, the support R1 is 1281.18
The Gold price on 14th Feb in
CRUDE OIL WEEKLY OVERVIEW:
Crude prices fell on Friday after lackluster data sparked a round of profit taking, ending gains stemming from a winter storm plowing across the eastern seaboard that likely hiked demand for heating oil.
Oil prices remained under pressure after the
Oil prices remained mildly supported following reports
The March contract settled down 0.02% at
TECHNICAL STUDY USING LUTFI MAGNET THEORY (
US OIL) TIME S3 S2 S1 MAGNET POINT R1 R2 R3 WEEKLY 96.84 97.97 99.11 100.24 101.38 102.51 103.65 US OIL OPEN HIGH LOW CLOSE CHANGE WEEKLY 100.18 101.36 99.09 100.26 0.0798%
Crude oil is trading above the magnet point (100.24) and we may see a test of resistence R1 (101.38) In case if it goes below magnet, the support is provided at (99.11)