UFXBank Daily Review - February 22, 2010

Written by ForexCult Team
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Daily Review 22/2/2010

USD Dollar (USD) – The Dollar has finished lower versus most majors after comments from Fed officials who said the change in the lending rate doesn't signal any change in the outlook for the economy or for monetary policy. CPI came out weaker with 0.2% versus 0.3% forecast, disappointing investors. NASDAQ and Dow Jones gained by 0.1% and 0.09% respectively as the Dollar weakened, finishing the week with their fourth straight gain. Crude Oil gained by 1.2% closing at 80.14$ a barrel. Gold (XAU) gained by 1.6% closing at 1,118.7$ an ounce. No economic data expected today.

EURO (EUR) –The Euro gained versus the Dollar after weak CPI figures in the U.S and comments from Fed officials about the key interest rate. Manufacturing and Services PMI data came out mixed. Overall, EUR/USD traded with a low of 1.3454 and a high of 1.3618. EUR/USD has started correcting upwards after being oversold according to the RSI indicator and not being able to cross below 1.3450. EUR/USD is facing resistance levels at 1.3650 and 1.38 and the main trend continues to be downwards. No economic data expected today.  
EUR/USD - Last:  1.3615

Resistance    1.3655    1.37    1.379
Support    1.352    1.344    1.332

British Pound (GBP) &ndash