UFXBank Daily Review - April 6, 2010

Written by ForexCult Team
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Daily Review 06/04/2010  

USD Dollar (USD) – The Dollar fell against most of its major counterparts as stronger than expected U.S. data added to evidence a recovery in the world’s largest economy is gaining momentum. Pending Home Sales Index came out 8.2% vs. -0.5% expected and the ISM Non-Manufacturing Index came out 55.4 vs. 53.5 expected. The Stock markets in US climbed up with Dow Jones rose by 0.43% and NASDAQ appreciated 1.12%. Crude oil reached 18 month high closing at 86.8$ a barrel and Gold (XAU) jumped to 2 week high closing at 1131.65$ an ounce. Today, the FOMC Meeting Minutes might provide a clue regarding future interest rate shifts.
EURO (EUR) – The European currency traded in a tight range versus the Dollar around the 1.35 level, and closed below it. As the Easter Monday holiday over, we might see a recovery of the pair if it won't fall below the 1.3370 area. Overall, EUR/USD traded with a low of 1.3459 and with a high of 1.3537. Today The Sentix Investor Confidence is expected at -6 vs. -7.5 previously.
EUR/USD – Last: 1.3463

Resistance    1.35    1.3530    1.3580
Support    1.3430    1.34    1.3350


British Pound (GBP) –