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UFXBank Daily Review - March 4, 2010

Written by ForexCult Team
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Daily Review 4/3/2010

USD Dollar (USD) – The Dollar weakened versus all 16 majors after Greece's budget package was announced and the Fed released a bearish outlook for the economic recovery. ADP Non Farm Employment Change came out worse with -20K versus -15K expected. ISM Non Manufacturing PMI came out stronger with 53 versus 51 expected. NASDAQ and Dow Jones finished almost flat after trading in new one month highs led by the materials sector. The gains in stocks weren't able to sustain as the Fed signaled a slow recovery, despite improved economic activity. Crude Oil gained by 1.49% closing at 80.87$ a barrel. Gold (XAU) gained by 0.52% closing at 1,143.3$ an ounce. Today, Unemployment Claims are expected lower with 472K versus 496K prior. Pending Home Sales are expected with 1.4% versus 1% prior.

EURO (EUR) –The Euro gained versus the Dollar after Greece announced measures to cut spending and raise taxes. The Euro is dominated by investors' debt fears and any announcements regarding Spain and Portugal's debt could lead to great volatility. Overall, EUR/USD traded with a low of 1.3593 and a high of 1.3735. EUR/USD has jumped from the 1.3450 support and is heading toward the 1.38 resistance after rising from oversold conditions. Today, ECB is expected to leave the Interest Rate unchanged at 1% and will hold a Press Conference following the decision. 
EUR/USD - Last:  1.37

Resistance    1.3755    1.379    1.384
Support    1.3685    1.365    1.3605

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British Pound (GBP) &ndash