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UFXBank Daily Review - April 14, 2010

Written by ForexCult Team
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Daily Review 14/4/2010

USD Dollar (USD) – The Dollar was little changed after Trade Balance was released, showing a larger than expected deficit of 39.7B, lowering the appeal of the Dollar but reducing Risk Appetite as well. NASDAQ and Dow Jones gained by 0.33% and 0.12% after mixed results from Alcoa and better than expected results by Intel. Crude Oil weakened by -0.34% closing at 84.05$ a barrel after dropping as low as 82$. Gold (XAU) weakened by -0.76% closing at 1,152.8$ an ounce. Today, Core CPI is expected unchanged with 0.1% and Retail Sales are expected higher with 1.1% versus 0.3% prior. Crude Oil Inventories will be released and likely to cause volatility in Crude prices. Fed Chairman Bernanke will testify in Washington and Fed's Beige Book will be released.

EURO (EUR) –The Euro gained slightly versus the Dollar after stronger than expected demand for Greece's bonds was issued, showing the massive rescue plan might define a new way for the Euro. Overall, EUR/USD traded with a low of 1.3545 and a high of 1.3627. EUR/USD is trading slightly above its 50 day moving average which acts as a support level, but could head lower to 1.35 toward closing the gap. No major economic data expected today.
EUR/USD - Last:  1.3608

Resistance    1.3695    1.3780    1.3817
Support    1.3545    1.3505    

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British Pound (GBP) –