Daily Review 9/2/2010
USD Dollar (USD) – The Dollar has been trading sideways versus most majors due to lack of major economic data. NASDAQ weakened by -0.7% and Dow Jones closed beneath 10,000 for the first time in 3 months with -1.04%. Crude Oil gained by 0.69% closing at 71.68$ a barrel. Gold (XAU) weakened slightly closing at 1,062.5$ an ounce. Today, Wholesale Inventories are expected with 0.5% versus 1.5% prior.
EURO (EUR) –The Euro remained unchanged versus the Dollar and gained versus the Pound as investor's sentiment remained weak and no major economic data was released. Overall, EUR/USD traded with a low of 1.3621 and a high of 1.3714. EUR/USD is oversold according to the RSI indicator, but MACD shows a correction back up in the near term is possible. Today, German Final CPI is expected unchanged with -0.6%.
EUR/USD - Last: 1.3645
Resistance 1.372 1.377 1.385
Support 1.359 1.353 1.3445
British Pound (GBP) &ndash