UFXBank Daily Review - January 11, 2010

Written by ForexCult Team
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Daily Review 11/01/2010 

USD Dollar (USD) – The Dollar posted its biggest weekly loss since November versus the major currencies as an unexpected drop in jobs boosted speculation that the Federal Reserve may extend stimulus measures. The Nonfarm Payrolls came out -85K versus -3K expected. The Unemployment rate came out better than expected with 10%. Wall Street reacted with modest gains after the jobs data. Dow Jones rose by 0.11% and NASDAQ appreciated by 0.74%. Crude oil rose and closed at 82.89$ a barrel. Gold (XAU) closed at 1137$ an ounce. Today, No economic data expected.
EURO (EUR) – The Euro gained versus the Dollar after worse than expected jobs report lowered the chance that the Federal Reserve will raise interest rates in the near term. The Unemployment Rate came out worse than expected with 10%. The GDP came out unchanged at 0.4% as expected. On the technical view, if the Euro sustains above the 1.4480 level, an upside run to 1.4680 could be seen. Overall, EUR/USD traded with a low of 1.4266 and with a high of 1.4438. Today, The French Industrial Production expected at 0.4% vs. -0.8% previously.
EUR/USD – Last: 1.4480

Resistance    1.45    1.4580    1.4620
Support    1.436    1.4325    1.427



British Pound (GBP) &ndash