USD Dollar (USD)

The Dollar weakened versus the Euro and the Yen and gained versus the Pound as more signs of recovery raise demand for higher yielding currencies. ISM Manufacturing PMI came out stronger than expected with 55.9. NASDAQ and Dow Jones jumped by 1.73% and 1.50% respectively on the first trading day of 2010. Crude gained by 2.73% closing at 81.53$ a barrel and Gold (XAU) strengthened by 2.26% closing at 1120$ an ounce on weaker Dollar and higher demand for commodities. Today, Pending Home Sales are expected with -2.3% versus 3.7% prior. Factory Orders are expected with 0.5% versus 0.6% prior.

EURO (EUR)

The Euro gained versus the Dollar after Final Manufacturing PMI came out as expected with 51.6 and Italian Prelim CPI came out better than expected with 0.2%. Stocks rallied as more economic recovery signs lifted risk appetite for higher yielding assets again. Overall, EUR/USD traded with a low of 1.4257 and a high of 1.4455. EUR/USD is trapped between 1.4250 and 1.4450 and no clear trend is available. Today, German Unemployment Change is expected with 6K versus -7K prior. CPI Flash Estimate is expected with 0.9% versus 0.5% prior.

EUR/USD - Last: 1.4410

Resistance

1.4465

1.4500

1.4525

Support

1.4375

1.4325

1.4275

EURUSD

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