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UFXBank Daily Review - February 17, 2010

Written by ForexCult Team
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Daily Review 17/02/2010  

USD Dollar (USD) – The Dollar fell sharply across the board as stocks and commodities soared. The Dollar failed to rise even better than expected data on the NY Empire State Manufacturing Index that came out 24.9 vs. expected 17 and in the TIC Net Long-Term Transactions that came out 63.3B vs. expected 50B. Markets in the US rose sharply. The Dow Jones gained 1.68% and the NASDAQ rose 1.4%. Commodities also rallied. Crude oil rallied rising more than 4% closing above 77$ a barrel. The Gold (XAU) jumped extending its recovery closing at 1118$ an ounce. Today, The Building Permits is expected at 0.62M vs. 0.65M previously and later FOMC Meeting Minutes is expected.

EURO (EUR) – The Euro rallied against majors. The pair is recovering after falling sharply during the last few weeks. The Euro is still under pressure but Greece said it hasn’t requested a bailout from the European Union, renewing demand for the European currency. The German ZEW Economic Sentiment came out 45.1 better than expected 42.5. The near term uptrend run could be possible until 1.397 level. Overall, EUR/USD traded with a low of 1.3588 and with a high of 1.3779. Today, no important economic data is expected.
EUR/USD – Last: 1.3762

Resistance    1.3805    1.384    1.3885
Support    1.3685    1.3645    1.359
EURUSD""

British Pound (GBP) &ndash