UFXBank Daily Review - January 14, 2010

Written by ForexCult Team
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Daily Review 14/01/2010 

USD Dollar (USD) – The Dollar weakened against 12 of the 16 most traded currencies after the Federal Reserve said that a modest economic recovery is broadening. NASDAQ and Dow Jones rose by 1.12% and 0.50% respectively. Crude oil fell for a 3rd day after U.S. inventories report showed an increase of 3.7M barrels as demand dropped. Crude prices decreased by -1.4% closing at 79.65$ a barrel. Gold (XAU) rose by 0.7% closing at 1136.8$ an ounce. Today, Retail Sales are expected with 0.4% vs. 1.3% prior, Unemployment Claims are expected to increase from 434K to 438K,
 EURO (EUR) – The Euro strengthened against the Dollar and the Yen after Greek Finance Minister George Papaconstantinou said the nation is on the right track to solve its problems and does not need bailing out. EUR/USD has been struggling with the 1.45 level but as long as it remains above 1.4480 it is still bullish. Overall, EUR/USD traded with a low of 1.4456 and a high of 1.4579.Today, the ECB will release its' interest rate decision which is expected to remain at 1.0%, ECB Press Conference will follow the decision.
EUR/USD – Last: 1.4540

Resistance    1.4557    1.4580   
Support    1.4455    1.44    1.4275


British Pound (GBP) &ndash