UFXBank Daily Review - April 16, 2010

Written by ForexCult Team
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Daily Review 16/04/2010 

USD Dollar (USD) – The Dollar traded on a mixed trend against the majors after Philadelphia Fed Factory Index Increased to 20.2 in April from 18.9 the previous month but Jobless Claims in U.S. Increased by 24,000 Last Week to 484,000, putting a warning sign on American recovery. NASDAQ and Dow Jones strengthened by 0.43% and 0.19% respectively. Crude oil decrease by 0.4% closing at 85.51$ a barrel and Gold (XAU) increased by 0.06%, closing at 1160$ an ounce. Today, Building Permits are expected at 0.63M vs. 0.64M prior and Prelim Consumer Sentiment is expected to rise from 73.6 to 74.7.
EURO (EUR) – The Euro weakened against the Dollar and yen on concern the European Union 45 billion Euro rescue plan for Greece won’t be enough to restore the currency’s credibility. The EUR/USD has no clear trend in the last four days, the main support is located at 1.3500 if this level breaks down a short positions is preferred. Overall, EUR/USD traded with a low of 1.3521 and with a high of 1.3666. Today, CPI is expected to remain at 1.5%.
EUR/USD – Last: 1.3548

Resistance    1.3585    1.3627    1.3680
Support    1.3520       


British Pound (GBP) –