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UFXBank Daily Review - April 7, 2010

Written by ForexCult Team
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Daily Review 07/04/2010 

USD Dollar (USD) – The Greenback lost momentum across the board at a moderate pace after the release of the FOMC stance that downgraded both GDP and inflation perspective for the US. The Stock markets in US finished mixed with Dow Jones losing only -0.03% and NASDAQ appreciated 0.3%. Crude oil for May delivery touched $87.09 a barrel in New York, the highest level since Oct 2008 but closed almost unchanged at 86.75$ a barrel and the Gold (XAU) still moving up closing at 1134$ an ounce. Today, The Fed Governor Ben Bernanke will speak and it might determine a short term trend for the Dollar.
EURO (EUR) – The Euro weakened against the Dollar as Greece issues keep weighting strongly on it. The Sentix Investor Confidence came out 2.5 better than expected -6. A deeper decline of the pair might be seen if it falls below the 1.3370 area. Overall, EUR/USD traded with a low of 1.3354 and with a high of 1.3496. Today, the GDP is expected unchanged at 0.1%. The PPI is expected at 0.2% vs. 0.7% previously and The German Factory Orders are expected at -1% vs. 4.3% previously.
EUR/USD – Last: 1.3385

Resistance    1.3420    1.3470    1.3530
Support    1.3360    1.3320    1.3270

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British Pound (GBP) –