UFXBank Daily Review - March 16, 2010

Written by ForexCult Team
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Daily Review 16/03/2010  

USD Dollar (USD) – The Dollar finished with gains across the board except against the Yen that was favored by risk aversion. Better than expected NY Empire State Manufacturing Index which came out 22.9 vs. expected 22 and the Industrial production that came out 0.1% vs. expected 0% supported the strength of the Dollar. In the U.S Stock Markets, the NASDAQ lost -0.23% and the Dow Jones advanced by 0.16%. Crude Oil tumbled for a second day losing more than 1.5% closing at 79.85$ a barrel. Gold (XAU) advanced and closed at 1108$ an ounce. Today, investors are waiting for the rate decision that is expected to remain unchanged at 0.25%.  Building Permits expected at 0.6M vs. 0.62M previously.
EURO (EUR) – The Euro snapped 3 days of gains versus the Dollar as European finance ministers sparred over assistance for Greece, lowering investors appetite for higher yielding assets. Breaking below 1.3640 levels might extend the downtrend till the 1.3520. Overall, EUR/USD traded with a low of 1.3639 and with a high of 1.3783. Today, The German ZEW Economic Sentiment is expected at 43.5 vs. 45.1 previously and the CPI is expected unchanged at 0.9%.
EUR/USD – Last: 1.3692