UFXBank Daily Review - February 23, 2010

Written by ForexCult Team
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Daily Review 23/2/2010

USD Dollar (USD) – The Dollar gained slightly versus the higher yielding assets weakening versus the Yen after a tight range trading day. NASDAQ and Dow Jones declined by -0.08% and -0.18% respectively, posting their first loss in 5 trading sessions. Crude Oil gained by 0.44% closing at 80.16$ a barrel. Gold (XAU) weakened by -0.78% closing at 1,112.6$ an ounce. Today, CB Consumer Confidence is expected lower with 55 versus 55.9 prior. FOMC Member Bullard will speak in Richmond.

EURO (EUR) –The Euro weakened slightly versus the Dollar after not being able to move above 1.365. Concerns over Greece's future continue to worry investors in the Euro region. Overall, EUR/USD traded with a low of 1.3574 and a high of 1.3654. EUR/USD has failed to move above the 1.3650 resistance level, and a continuance of the main downtrend is likely. Today, German Ifo Business Climate is expected higher with 96.2 versus 95.8 prior.
EUR/USD - Last:  1.36

Resistance    1.364    1.3675    1.3725
Support    1.3575    1.353    1.3485

British Pound (GBP) &ndash