UFXBank Daily Outlook - March 15, 2010 | GoLearnForex

UFXBank Daily Outlook - March 15, 2010

Written by article default Monday, 15 March 2010 07:20

Daily Review 15/03/2010

USD Dollar (USD) – The Dollar fell versus all of their major counterparts as US data came out better than expected and signaled the economic recovery is accelerating, fueling appetite for riskier assets. Retail Sales came out 0.3% better than expected -0.1%. In the U.S Stock Markets, the NASDAQ was almost unchanged losing -0.03% and the Dow Jones advanced by 0.12%. The Commodity markets tumbled with Crude Oil losing more than -1.4% closing at 81$ a barrel. The Gold (XAU) also fell and closed at 1101.5$ an ounce. Today, The NY Empire State Manufacturing Index is expected at 22 vs. 24.9 previously. The TIC Net Long-Term Transactions is expected at 50B vs. 63.3B previously and the Industrial production is expected at 0% vs. 0.9% previously.

EURO (EUR) – The Euro strengthened versus the Dollar and touched a one-month high as stocks gained for a second week. The European currency lost some ground later after German Finance Minister and French Finance Minister ruled out an aid decision The Industrial Production came out 1.7% better than expected 0.8%.  If the Euro fails to breach above 1.3820, rebound 1.364 zones is possible to be reached. Overall, EUR/USD traded with a low of 1.3670 and with a high of 1.3795. Today, no major economic data is expected.

EUR/USD – Last: 1.3733

British Pound (GBP) – The Pound climbed for a second day against the Dollar after a report showed house prices rose at the fastest pace in seven years, moderating concern about the economy. Breaching above the 1.5230 level might extend the strength of the Sterling. Overall, GBP/USD traded with a low of 1.5025 and with a high of 1.5216. Today, no major economic data is expected.

GBP/USD - Last: 1.5161

Japanese Yen (JPY) – The Yen fell against all 16 of its most-traded pairs as Japanese officials said the government is ready to intervene to keep the currency from strengthening. The concern that tension between the US and China will escalate also helped the Yen strengthen. Failing the breach of 90.80 levels will cause the pair to decline back below 90 levels. Overall, USD/JPY traded with a low of 90.15 and with a high of 91.07. Today, no major economic data is expected.

USD/JPY-Last: 90.62

Canadian dollar (CAD) – The Canadian Dollar continued to strengthen against the Dollar after better than expected data coming out and expectations for the central bank will raise interest rates. Employment Change came out 20.9K vs. expected 18K and the Unemployment rate came out 8.2% vs. expected 8.3%. For a short term, a technical adjustment might be seen because of oversold conditions of the pair. Overall, USD/CAD traded with a low of 1.0153 and with a high of 1.0249. Today, no major economic data is expected.

USD/CAD - Last: 1.0180