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UFXBank Daily Review - March 25, 2010

Written by ForexCult Team
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Daily Review 25/03/2010 

USD Dollar (USD) – The Dollar has consolidated major gains across the board.. The Dollar rose also after stocks in the US ended with losses. The Dow Jones lost -0.48% and the NASDAQ fell by -0.68% after an unexpected drop of -2.2% in New Home Sales which came out 308K, worse than 315K expected. Crude Oil for May delivery declined -1.8% and closed at 80.2$ a barrel. Gold (XAU) tumbled closing at 1086$ an ounce. Today, Initial Jobless Claims are expected with 450K vs. 457K previously.
EURO (EUR) – The Euro fell to fresh multi week lows against the Dollar reaching a fresh 10 month low as Fitch Ratings cut Portugal’s credit rating to AA-. Concerns that Greece’s fiscal crisis will spread to other European nations pushed the Euro lower even though that the German IFO Business Climate Index came out 98.1 better than 96 expected. The bottom of decline is uncertain as long as the Euro trades below 1.3420. Overall, EUR/USD traded with a low of 1.3310 and with a high of 1.3506. Today, Gfk German Consumer Climate is expected at 3.1 vs. 3.2 previously.
EUR/USD – Last: 1.3329

Resistance    1.338    1.342    1.348
Support    1.331       

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British Pound (GBP) &ndash