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UFXBank Daily Review - March 1, 2010

Written by ForexCult Team
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Daily Review 3/1/2010  

USD Dollar (USD) – The Dollar weakened against most of the currencies on a volatile trading. The GDP came out 5.9% better than expected 5.6%. An unexpected drop in the Existing Home Sales data that came out 5.05M vs. expected 5.5M sent the dollar lower. The Dow Jones closed almost unchanged gaining 0.04% and the NASDAQ rose by 0.18%. The Crude Oil attempting to get back the 80$ a barrel and the Gold (XAU) jumped and closed at 1117$ an ounce. Today, The Personal Spending is expected at 0.4% vs. 0.2% previously and the ISM Manufacturing Index is expected at 58 vs. 58.4 previously.
EURO (EUR) – The Euro gained against the Dollar as a speculation European Union government will rescue debt-laden Greece. The CPI came out as expected unchanged at 1% and the German CPI came out 0.2% worse than expected 0.5%. Holding the Euro above 1.3640 might send it upwards to 1.3820. Overall, EUR/USD traded with a low of 1.3530 and with a high of 1.3683. Today, the Unemployment rate is expected at 10.1% vs. 10% previously and the Manufacturing PMI is expected unchanged at 54.1.
EUR/USD – Last: 1.36

Resistance    1.37    1.375    1.379
Support    1.359    1.355    1.35

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British Pound (GBP) &ndash