UFXBank Daily Review - March 3, 2010

Written by ForexCult Team
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Daily Review 3/3/2010  

USD Dollar (USD) – The Dollar weakened across the board and seems like technical adjustments on the way. The Stock Markets in the US had modest gains with Dow Jones adding 0.02% and the NASDAQ appreciating by 0.32%. The Commodities market rose sharply with Crude oil closing at 79.6$ a barrel and Gold (XAU) closing at 1134$ an ounce. Today, the ADP Nonfarm Employment Change is expected at -10K vs. -22k previously and the ISM Non-Manufacturing Index is expected at 51 vs. 50.5 previously and later The Fed's Beige Book will show a picture of economic trends and challenges in the US.
EURO (EUR) – The Euro breached above 1.36 as speculations about a solution to Greece debt crisis may be near. The CPI came out 0.9% worse than 1% expected. EUR/USD still trading between the 1.3680 resistance and 1.3460 supports and until major economic surprises occur it is expected to remain in that channel. Overall, EUR/USD traded with a low of 1.3433 and with a high of 1.3620. Today, the Retail Sales is expected at 0.3% vs. 0.1% previously.
EUR/USD – Last: 1.364

Resistance    1.363    1.3655    1.3685
Support    1.3515    1.3465    1.3435


British Pound (GBP) &ndash