UFXBank Daily Review - March 8, 2010

Written by ForexCult Team
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Daily Review 8/3/2010

USD Dollar (USD) –
The Dollar weakened versus most majors and gained versus the Yen after a smaller than expected decline in Nonfarm Payrolls left investors optimistic. Non Farm Payrolls showed a decrease of -36K versus -40K forecast and Unemployment Rate remained at 9.7%, better than 9.8% expected. NASDAQ and Dow Jones gained by 1.48% and 1.17% respectively, led by financial stocks. Crude Oil gained by 1.61% closing at 81.50$ a barrel. Gold (XAU) gained by 0.19% closing at 1,135.2$ an ounce. No economic data expected today. 

EURO (EUR) –The Euro gained versus the Dollar after better unemployment data in the U.S signaled a stronger recovery from the recession. German Factory Orders came out better with 4.3% versus 1.6% forecast. Overall, EUR/USD traded with a low of 1.3530 and a high of 1.3630. EUR/USD is still trading in a daily channel between 1.3780 and 1.3450,. Today, German Industrial Production is expected better with 1.1% versus -2.6% prior.
EUR/USD - Last:  1.3685

Resistance    1.3695    1.374   
Support    1.358    1.353    1.35


British Pound (GBP) &ndash