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USD Declines Across the Board

UFXBank Research from UFX Bank at 02/03/10


Daily Review 3/2/2010

USD Dollar (USD) – The Dollar declined across the board rising only against the Australian Dollar. The fall of the American currency was moderated on a relative quiet day in the market. Pending Home Sales data came out 1% better then than the 0.4% expected. US markets rose for the second day in a row extending its recovery after last week sell off. The Dow Jones rose by 1.10% and the NASDAQ gained 0.87%. Crude oils rose almost by 3% closing near $77 a barrel. Gold (XAU) also rose and closed at 1114$ an ounce. Today, The ADP Nonfarm Employment Change is expected at -40K vs. -84K previously.
EURO (EUR) – The Euro remains capped by 1.3980 levels despite strong recovery in Wall Street. The PPI came out 0.1% better than expected 0%. Breaching the 1.398 levels may test higher levels of 1.4120. Overall, EUR/USD traded with a low of 1.3885 and a high of 1.3974. Today, The Retail Sales is expected at 0.4% vs. -1.2% previously.
EUR/USD - Last: 1.3960

Resistance 1.399 1.4025 1.4075
Support 1.39 1.385 1.3815

British Pound (GBP) – The Pound strengthened slightly versus the Dollar after consolidating support at 1.5920. The Nationwide Consumer Confidence came out 73 better than expected 70. If the pair sustains above the 1.5980 level, it may test higher levels at 1.6120. Overall, GBP/USD traded with a low of 1.5901 and a high of 1.5994. Today, the Halifax House Price Index is expected at 0.9% vs. 1% previously.
GBP/USD - Last: 1.5990

Resistance 1.602 1.605 1.61
Support 1.591 1.585 1.578

Japanese Yen (JPY) – The Yen rose against the Dollar. USD/JPY fell to 90.25 after being unable to break above 91.00, a zone that has been tested over the last three sessions. If the pair sustains the support of 89.8 levels, upside run to 91.8 could be seen. Overall, USD/JPY traded with a low of 90.25 and a high of 90.90. No economic data expected today.
USD/JPY-Last: 90.4

Resistance 90.6 90.95 91.2
Support 90 89.6 89.35

Canadian Dollar (CAD) – The Canadian Dollar rose for a second consecutive day as equities and crude oil rose, making the currencies of commodity producers more attractive. If the pair will sustain the 1.6020 as a resistance downtrend acceleration could be seen to the 1.0480 area. Overall, USD/CAD traded with a low of 1.0564 and a high of 1.0640. No economic data expected today.

USD/CAD - Last: 1.0575

Resistance 1.0625 1.064 1.0685
Support 1.0565 1.0525 1.046

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