UFXBank Daily Outlook - March 1, 2010 | GoLearnForex

UFXBank Daily Outlook - March 1, 2010

Written by article default Monday, 01 March 2010 08:25

Daily Review 3/1/2010

USD Dollar (USD) – The Dollar weakened against most of the currencies on a volatile trading. The GDP came out 5.9% better than expected 5.6%. An unexpected drop in the Existing Home Sales data that came out 5.05M vs. expected 5.5M sent the dollar lower. The Dow Jones closed almost unchanged gaining 0.04% and the NASDAQ rose by 0.18%. The Crude Oil attempting to get back the 80$ a barrel and the Gold (XAU) jumped and closed at 1117$ an ounce. Today, The Personal Spending is expected at 0.4% vs. 0.2% previously and the ISM Manufacturing Index is expected at 58 vs. 58.4 previously.

EURO (EUR) – The Euro gained against the Dollar as a speculation European Union government will rescue debt-laden Greece. The CPI came out as expected unchanged at 1% and the German CPI came out 0.2% worse than expected 0.5%. Holding the Euro above 1.3640 might send it upwards to 1.3820. Overall, EUR/USD traded with a low of 1.3530 and with a high of 1.3683. Today, the Unemployment rate is expected at 10.1% vs. 10% previously and the Manufacturing PMI is expected unchanged at 54.1.

EUR/USD – Last: 1.36

British Pound (GBP) – The GBP was among the worst performers against the Dollar. It dropped to fresh low breaking the 1.52 level. The better than expected data on GDP which came out 0.3% better than expected 0.2% couldn't support the Sterling. Holding below the 1.5180 will take the pair lower to test the 1.5 zone. Overall, GBP/USD traded with a low of 1.5151 and with a high of 1.5319. Today, the Manufacturing PMI is expected unchanged at 56.7.

GBP/USD - Last: 1.5163

Japanese Yen (JPY) – The Yen tested the area below the 89 but trapped in a tight consolidate range. Holding above the 88.80 level probably push the Japanese currency lower against the dollar. Overall, USD/JPY traded with a low of 88.74 and with a high of 89.49. Today, the Unemployment rate is expected unchanged at 5.1%.

USD/JPY-Last: 89.11

Canadian dollar (CAD) – Canada’s dollar increased the most in fortnight against the greenback as signs the global recovery will maintain momentum encouraged investors to buy currencies tied to economic growth. The Current Account came out -9.8B better than expected -13.8B. Holding the pair below 1.0530 might extend the decline till the 1.0420 level. Overall, USD/CAD traded with a low of 1.0508 and with a high of 1.0617. Today, the GDP is expected unchanged at 0.4%.

USD/CAD - Last: 1.0520