UFXBank Daily Review - March 17, 2010

Written by ForexCult Team
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Daily Review 17/03/2010 

USD Dollar (USD) – The dollar fell against most major currencies as Federal Reserve officials once again kept the main interest rate unchanged, near zero, at 0.25% as predicted by economists. It encouraged demand for riskier assets. Earlier, the Building Permits came out 0.61M better than expected 0.6M. The US stocks rallied with NASDAQ gaining 0.67% and the Dow Jones advanced by 0.41%. The Crude Oil gained 2.5% closing at 82$ a barrel and the Gold (XAU) advanced 1.7% closing at 1127$ an ounce. Today, the PPI is expected at -0.2% vs. 1.4% previously.
EURO (EUR) – The Euro strengthened versus the dollar after European finance ministers worked out a strategy for emergency loans to Greece and advanced more after Fed’s decision to leave rates unchanged. The German ZEW Economic Sentiment came out 44.5 better than expected 43.5 and the CPI came out unchanged as expected at 0.9%. Holding above 1.3730 levels might extend the uptrend till the 1.3860. Overall, EUR/USD traded with a low of 1.3655 and with a high of 1.3783. Today, no economic data is expected.
EUR/USD – Last: 1.3780

  1.3785    1.382    1.39
Support    1.3730    1.37    1.3650


British Pound (GBP) &ndash