UFXBank Daily Review - March 2, 2010

Written by ForexCult Team
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Daily Review 2/3/2010 

USD Dollar (USD) – The Dollar finished higher against most of the currencies not including commodity linked currencies such as the Canadian and Australian Dollar. Personal Spending data came out better than expected with 0.5% versus 0.4% forecast and ISM Manufacturing Index came out 56.5 worse than 58 expected. Dow Jones gained by 0.76% and NASDAQ jumped by 1.58% after improved outlooks from several large caps. The Crude Oil failed to keep above 80$ and closed at 78.8$ a barrel. The Gold (XAU) finished almost unchanged at 1118.6$ an ounce. No major economic data expected today.
EURO (EUR) – The Euro declined against the Dollar as Greece's debt problems continue to worry investors. The Euro wasn't able to rise despite better than expected employment and manufacturing data. Unemployment rate came out 9.9% vs. 10.1% expected and the Manufacturing PMI came out 54.2 vs. 54.1 expected. EUR/USD has been trading between the 1.3680 resistance and 1.3460 support for almost 10 sessions until major economic surprises occur it is expected to remain in that range. Today, CPI is expected unchanged at 1%.
EUR/USD – Last: 1.354

Resistance    1.359    1.365    1.3685
Support    1.3505    1.345    1.34


British Pound (GBP) &ndash