Daily Review 03/11/2009
USD Dollar (USD)
The Dollar weakened versus most majors as stronger economic data raises risk demand. ISM Manufacturing PMI came out stronger with 55.7 versus 53.1 expected and Pending Home Sales came out stronger with 6.1% versus 0.3% expected and 6.4% prior. NASDAQ and Dow Jones rose by 0.20% and 0.79% respectively after a choppy trading day. Crude gained by 1.42% closing at 78.09$ a barrel and Gold (XAU) gained by 1.32% closing at 1053.4$ an ounce on stronger economic data. Today, Factory Orders are expected stronger with 1.1% versus -0.8% prior.
EURO (EUR)
The Euro gained versus the Dollar as stronger economic data led to higher risk appetite. Final Manufacturing PMI came out unchanged at 50.7 as expected. EUR/USD traded with a low of 1.4682 and with a high of 1.4844. Today, Deutsch Bundesbank President and member of the ECB Governing Council Weber will speak and might give information concerning future interest rates decisions.
EUR/USD – Last: 1.4775
|
Resistance |
1.4825 |
1.486 |
1.4925 |
|
Support |
1.473 |
1.4682 |
1.465 |
British Pound (GBP)
The Pound weakened versus the Dollar and 13 more currencies out of 16 most traded pairs as concerns about the financial sector worry investors. Manufacturing PMI unexpectedly showed expansion with 53.7 versus 50.1 expected. Overall, GBP/USD traded with a low of 1.6328 and a high of 1.6477. Today, Construction PMI will be released and is expected slightly better with 47.2 versus 46.7.
GBP/USD – Last: 1.6395
|
Resistance |
1.6435 |
1.6475 |
1.6525 |
|
Support |
1.6335 |
1.625 |
1.62 |
Japanese Yen (JPY)
The Yen weakened versus the Dollar after risk demand rose following stronger than expected housing and factory data in the U.S. Overall, USD/JPY traded with a low of 89.18 and a high of 90.69 and EUR/JPY traded with a low of 130.98 and a high of 134.51. Today, Japanese Monetary Base will be released.
USD/JPY-Last: 90.40
Research by http://www.ufxbank.com
