Forex Daily Outlook

U.S. Dollar Trading (USD) weakened as risk sentiment stepped up a notch on the back of better than expected economic data. February Durable Goods Orders rose +1.7% vs. -2% forecast. New Home Sales (FEB) rose +4.7% vs. -13.7% previously. The most interesting story was the slip by Geithner that he would consider a super Global Reserve Currency which was quickly clarified. Crude Oil closed down -$1.21 ending the New York session at $52.77 per barrel. In US share markets, the Nasdaq was up 12 points or 0.82% whilst the Dow Jones up 89 points or 1.17%. Looking ahead, Q4 Final GDP forecast at -6.5% vs. -6.2% previously. Also released, Weekly Jobless Claims forecast at 650K vs. 646K. Full Story