UFXBank Daily Review - February 8, 2010

Written by ForexCult Team
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Daily Review 8/2/2010

USD Dollar (USD) – The Dollar gained versus all majors except the Yen after investors continued to flee stock, commodities and other higher risk assets and turned to the safety of the Dollar. Non Farm Employment Change came out worse showing 20K more workers lost their job, but Unemployment Rate came out 9.7% better than 10% expected. NASDAQ and Dow Jones gained by 0.74% and 0.1% respectively after a volatile trading session mostly on the negative end. Crude Oil dropped by -1.71% closing at 71.19$ a barrel. Gold (XAU) remained unchanged at 1,065.6$ an ounce. No economic data expected today.
EURO (EUR) –The Euro tumbled versus the Dollar and the Yen as investors kept selling the Euro on concern budget deficits in Greece, Spain and Portugal will slow the region's economic growth. Overall, EUR/USD traded with a low of 1.3585 and a high of 1.3746. EUR/USD is getting oversold according to the RSI indicator, a correction back up is possible but the main trend is downwards. No major economic data expected today.  

EUR/USD - Last:  1.3660

Resistance    1.37    1.374    1.377
Support    1.3595    1.353    1.35


British Pound (GBP) &ndash