Daily Review 12/4/2010
USD Dollar (USD) – The Dollar weakened versus most majors on Friday after Greece's bailout speculations led investors to be more optimistic and invest in higher yielding assets. NASDAQ gained by 0.71% and Dow Jones gained by 0.64% just 3 points shy of the 11K mark after choppy trading. Crude Oil weakened by -0.5% closing at 84.92$ a barrel. Gold (XAU) gained by 0.8% closing at 1,161.1$ an ounce. Today, Federal Budget Balance is expected with -155B versus -220.9B prior.
EURO (EUR) –The Euro gained on Friday on speculation about a new bailout plan for Greece which was later announced on Sunday. European governments offer Greece 30 billion Euros in loans this year to ease debt crisis, along with 15 billion more which are offered by the IMF. The plan announcement caused the Euro to gap up versus the Dollar on beginning of trading on Sunday night. Overall, EUR/USD traded on Friday with a low of 1.3341 and a high of 1.3498. EUR/USD gapped up above the 50 day moving average which is located at 1.36 and is facing a major resistance at 1.3820. No major economic data expected today.
EUR/USD - Last: 1.3665
Resistance 1.3695 1.3780 1.3817
Support 1.3590 1.3570 1.3505
British Pound (GBP) –