UFXBank Daily Review - February 3, 2010

Written by ForexCult Team
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Daily Review 3/2/2010

USD Dollar (USD) – The Dollar declined across the board rising only against the Australian Dollar. The fall of the American currency was moderated on a relative quiet day in the market. Pending Home Sales data came out 1% better then than the 0.4% expected. US markets rose for the second day in a row extending its recovery after last week sell off. The Dow Jones rose by 1.10% and the NASDAQ gained 0.87%. Crude oils rose almost by 3% closing near $77 a barrel. Gold (XAU) also rose and closed at 1114$ an ounce. Today, The ADP Nonfarm Employment Change is expected at -40K vs. -84K previously.
EURO (EUR) – The Euro remains capped by 1.3980 levels despite strong recovery in Wall Street. The PPI came out 0.1% better than expected 0%. Breaching the 1.398 levels may test higher levels of 1.4120. Overall, EUR/USD traded with a low of 1.3885 and a high of 1.3974. Today, The Retail Sales is expected at 0.4% vs. -1.2% previously.
EUR/USD - Last:  1.3960

1.399    1.4025    1.4075
Support    1.39    1.385    1.3815


British Pound (GBP) &ndash