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UFXBank Daily Review - March 3, 2010
Written by article default Wednesday, 03 March 2010 08:11
Daily Review 3/3/2010
USD Dollar (USD) – The Dollar weakened across the board and seems like technical adjustments on the way. The Stock Markets in the US had modest gains with Dow Jones adding 0.02% and the NASDAQ appreciating by 0.32%. The Commodities market rose sharply with Crude oil closing at 79.6$ a barrel and Gold (XAU) closing at 1134$ an ounce. Today, the ADP Nonfarm Employment Change is expected at -10K vs. -22k previously and the ISM Non-Manufacturing Index is expected at 51 vs. 50.5 previously and later The Fed's Beige Book will show a picture of economic trends and challenges in the US.
EURO (EUR) – The Euro breached above 1.36 as speculations about a solution to Greece debt crisis may be near. The CPI came out 0.9% worse than 1% expected. EUR/USD still trading between the 1.3680 resistance and 1.3460 supports and until major economic surprises occur it is expected to remain in that channel. Overall, EUR/USD traded with a low of 1.3433 and with a high of 1.3620. Today, the Retail Sales is expected at 0.3% vs. 0.1% previously.
EUR/USD – Last: 1.364
|
Resistance |
1.363 |
1.3655 |
1.3685 |
|
Support |
1.3515 |
1.3465 |
1.3435 |
British Pound (GBP) – The Sterling rose against the Dollar trading above the 1.5 area after the Nationwide Consumer Confidence came out better with 80 versus 71 expected. Holding above the support of 1.4980 might send the pair higher to 1.5220 zones. Overall, GBP/USD traded with a low of 1.4958 and a high of 1.5073. Today, the Services PMI is expected at 55 vs. 54.5 previously.
GBP/USD - Last: 1.5050
|
Resistance |
1.51 |
1.515 |
1.5225 |
|
Support |
1.498 |
1.493 |
1.488 |
Japanese Yen (JPY) – The Yen rose against the Dollar after the Average Cash Earnings rose and came out 0.1% better than -1.2% expected, this was the first time in 2 years that the Japanese wages rose. Holding below 88.9 levels will accelerate the decline in the pair. Overall, USD/JPY traded with a low of 88.54 and with a high of 89.35. Today, the Capital Spending is expected at -18% vs. -24.8% previously.
USD/JPY-Last: 88.70
|
Resistance |
89.25 |
89.5 |
89.75 |
|
Support |
88.55 |
88.25 |
88 |
Canadian dollar (CAD) – Canada’s Dollar rose for the 3rd straight day and touched a more than one month high versus its U.S. counterpart after the target rate for overnight loans between commercial banks was kept at 0.25% as expected. Holding below the 1.0380 level will accelerate the decline in the pair. Overall, USD/CAD traded with a low of 1.0308 and with a high of 1.0441. No economic data expected today.
USD/CAD - Last: 1.0340
|
Resistance |
1.041 |
1.044 |
1.0465 |
|
Support |
1.031 |
1.027 |
1.025 |
