USD Trading Outlook (03-03-2011)
U.S. Dollar Trading (USD) came under selling pressure once again with the downtrend resuming after gains on Tuesday. February ADP employment beat forecasts at 217k vs. 175k expected. Also helping investor sentiment was an upbeat January Beige Book which reported all 12 Fed regions had expansion. In US stocks, DJIA +8 points closing at 12066, S& P +2 points closing at 1308 and NASDAQ +10 points closing at 2748. Looking ahead, Weekly Jobless Claims forecast at 398k vs. 391k previously. February PMI Manufacturing forecast at 59.5 vs. 59.4 previously.
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