UFXBank Daily Review - April 8, 2010

Written by ForexCult Team
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Daily Review 08/04/2010  

USD Dollar (USD) – The Dollar strengthened against most majors as stocks weakened and commodities fell after Federal Reserve Bernanke said the U.S. economy still faces significant headwinds, including a housing sector that has yet to recover convincingly and an ailing employment market, led the investors to sell higher risky assets. NASDAQ and Dow Jones weakened by 0.23% and 0.66% respectively, crude oil fell by 1.1% closing at 85.88$ a barrel, Gold(XAU) rose  by 1.5% closing at 1153$ an ounce. Today, Unemployment Claims are expected to decrease from 439K to 434K, FOMC Member Kohn Speaks.
EURO (EUR) – The Euro fell against the dollar for a fourth day in the longest stretch of declines since February amid speculation Greece may default, even as leaders tried to dispel fears the nation is unhappy with a bailout plan. The EUR/USD has been trading downwards in the last few days, the support levels is 1.3270, as long it's trading below 1.35 a short position is preferred. Overall, EUR/USD traded with a low of 1.3326 and with a high of 1.3402.Today, Interest Rate Decision is expected to remain at 0.5%, ECB Press Conference.
EUR/USD – Last: 1.3338

Resistance    1.3405    1.3538    1.3590
Support    1.3324        


British Pound (GBP) –