UFXBank Daily Review - March 5, 2010

Written by ForexCult Team
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Daily Review 5/3/2010

USD Dollar (USD) – The Dollar gained versus most majors after better than expected Unemployment Claims were released and investor's expectations toward the NFP figures today rose. Unemployment Claims came out with 469K versus 472K expected. Pending Home Sales plunged by -7.6% versus 1.4% expected. NASDAQ and Dow Jones gained by 0.51% and 0.45% respectively. Crude Oil weakened by -0.82% closing at 80.21$ a barrel. Gold (XAU) weakened by -0.89% closing at 1,133.1$ an ounce. Today, Non Farm Payrolls are expected to show a decrease of -40K versus -20K prior. Unemployment Rate is expected worse with 9.8% versus 9.7% prior.

EURO (EUR) –The Euro fell versus the Dollar and 11 more majors after ECB President Trichet expressed his opposition to the IMF's Aid to Greece. ECB kept the Interest Rate unchanged at 1% as expected. Overall, EUR/USD traded with a low of 1.3551 and a high of 1.3712. EUR/USD was unable to make new highs and fell back downwards. The pair is trading in a daily channel between 1.3780 and 1.3450. Today, German Factory Orders are expected better with 1.6% versus -2.3% prior.
EUR/USD - Last:  1.3595

Resistance    1.3655    1.3695    1.374
Support    1.355    1.35    1.345


British Pound (GBP) &ndash