Daily Review 24/03/2010
USD Dollar (USD) – The Dollar rose against most majors as concerns over aid to Greece boosted demand for safer assets. Existing Home Sales came out slightly better than expected at 5.02M vs. 5.01M forecast. NASDAQ and Dow Jones advanced by 0.83% and 0.95% respectively. Crude oil rose by 0.4% closing at 81.9$ a barrel. Gold(XAU) rose by 0.4% closing at 1103.7$ an ounce. Today, Core Durable Goods Orders are expected to rise from -0.1% to 0.6%, New Home Sales are expected at 318K vs. 309K.
EURO (EUR) – The Euro fell versus the Dollar after an official said French and German leaders agreed the International Monetary Fund should be involved in any aid package for Greece, damping demand for the common currency. The EUR/USD has been trading downwards in the last week therefore a short position is preferred, the main support is 1.3450. Overall, EUR/USD traded with a low of 1.3476 and with a high of 1.3567.Today, German IFO Business Climate is expected to rise from 95.2 to 95.8, Industrial New Orders are expected at 2.0% vs. 0.8% prior.
EUR/USD – Last: 1.3459
Resistance 1.3569 1.3627 1.3728
British Pound (GBP) &ndash