UFXBank Daily Review - February 18, 2010

Written by ForexCult Team
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Daily Review 18/02/2010  

USD Dollar (USD) – The Dollar gained against all majors as higher estimated earnings and economic data signaled the global recovery is gaining momentum and Several Federal Reserve policymakers said they want to begin selling securities relatively soon as a way to cut back their massive supply of cash to the financial system . NASDAQ and Dow Jones  increased  by 0.55% and 0.39% respectively, crude oil rose  by 0.45% closed at 75.4$ a barrel, Gold(XAU) decreased by 0.4% closed at 1115.5$ an ounce. Today, PPI is expected to rise from 0.4% to 0.8%, Unemployment Claims is expected to be like the previous at 440K, Philly Fed Manufacturing Index is expected at 17.2 vs. 15.2 prior.

EURO (EUR) – The Euro slid from the highest level this week versus the Dollar after a statement from Germany that said that not a single Euro should go to Greece. On the daily graph we can see a clearly downward trend therefore a short position is preferred, the main resistance is 1.3810. Overall, EUR/USD traded with a low of 1.3585 and with a high of 1.3788. No economic data expected today.
EUR/USD – Last: 1.3575

Resistance    1.3640    1.3695    1.3790
Support    1.3530        

British Pound (GBP) &ndash