UFXBank Daily Review - March 15, 2010

Written by ForexCult Team
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Daily Review 15/03/2010  

USD Dollar (USD) – The Dollar fell versus all of their major counterparts as US data came out better than expected and signaled the economic recovery is accelerating, fueling appetite for riskier assets. Retail Sales came out 0.3% better than expected -0.1%. In the U.S Stock Markets, the NASDAQ was almost unchanged losing -0.03% and the Dow Jones advanced by 0.12%. The Commodity markets tumbled with Crude Oil losing more than -1.4% closing at 81$ a barrel. The Gold (XAU) also fell and closed at 1101.5$ an ounce. Today, The NY Empire State Manufacturing Index is expected at 22 vs. 24.9 previously. The TIC Net Long-Term Transactions is expected at 50B vs. 63.3B previously and the Industrial production is expected at 0% vs. 0.9% previously.
EURO (EUR) – The Euro strengthened versus the Dollar and touched a one-month high as stocks gained for a second week. The European currency lost some ground later after German Finance Minister and French Finance Minister ruled out an aid decision The Industrial Production came out 1.7% better than expected 0.8%.  If the Euro fails to breach above 1.3820, rebound 1.364 zones is possible to be reached. Overall, EUR/USD traded with a low of 1.3670 and with a high of 1.3795. Today, no major economic data is expected.
EUR/USD – Last: 1.3733

Resistance    1.3785        
Support    1.3720    1.3680    1.3680


British Pound (GBP) &ndash