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UFXBank Daily Review - March 10, 2010

Written by ForexCult Team
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Daily Review 10/3/2010

USD Dollar (USD) – The Dollar gained versus the Euro and the Pound and weakened versus the high yielding commodity linked currencies. Stock markets finished higher but weak fundamentals and fears across Europe helped the Dollar to gain. NASDAQ and Dow Jones gained by 0.36% and 0.11% respectively. Crude Oil weakened by -0.46% closing at 81.49$ a barrel. Gold (XAU) weakened by -0.14% closing at 1,122$ an ounce. Today, Federal Budget Balance is expected with -199.5B versus -42.6B prior. Crude Oil Inventories will be released and volatility in Crude prices is expected.

EURO (EUR) –The Euro weakened versus the Dollar after lower than expected CPI data in Switzerland contributed to the assessments that the next rate hike in Europe will be at 2011 and not sooner. Overall, EUR/USD traded with a low of 1.3537 and a high of 1.3635. EUR/USD is still trading in a daily channel between 1.3780 and 1.3450 waiting for a catalyst to break out of this range. Today, French Industrial Production is expected with 0.3% versus -0.1% prior. ECB President Trichet will speak in Frankfurt.  
EUR/USD - Last:  1.36

Resistance    1.3635    1.3695    1.374
Support    1.353    1.35    1.345

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British Pound (GBP) &ndash