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Posts Tagged ‘forex exchange market’
USD Falls Across the Board
Based on speculation that the government debt purchases will be kept by FED, the dollar fell against forex trading majors. The US stock markets went up, with NASDAQ going up by 2.36% and Dow Jones increasing by 1.8%. Gold reached an all-new high as it went up by 1.8% and traded at $1,340 per ounce. Crude oil also went up by more than 1.5% and traded at $82.70 per barrel. The ISM Non-Manufacturing Index was at 53.2, which was better than the anticipated 51.8. The ADP Nonfarm Employment Change is anticipated to go up from the prior -10k to 18k.
Against the dollar, the euro was able to reach an 8-month high after it went beyond the 1.38 resistance level. The euro was able to post gains versus the dollar despite negative data from Retail Sales, which was at -0.4% versus the anticipated 0.2%. The EUR/USD pair exchanged at a high of 1.3858 and a low of 1.3636. The British pound also gained against the dollar and exchanged at a high of 1.5928 and a low of 1.5750.
Dollar Recovers from a Slump and Posts Some Gains
After hitting a slump, the dollar managed to pull some gains versus major currencies in the forex trading market, notwithstanding the fact that concerns about economic recovery still prevail. The Pending Home Sales rose to 4.3% than the 2.8% forecast. The stock markets in the US fell with NASDAQ losing by 1.11% and Dow Jones by 0.72%. Crude Oil rose to more than $82.30 but fluctuated to $81.40 per barrel, staying almost at the same level as before. At $1,320 per barrel, gold reached a new high until it slipped to close at $1,315 per ounce.
After making a strong rally against the dollar, the euro slipped, with profit taking and overbought conditions influencing the market movement. The worse than expected PPI, from 0.2% to 0.1%, also triggered euro’s fall. Should it breach below the 1.3720 resistance level, it is expected that the EUR/USD pair will move downward. The EUR/USD reached a low of 1.3643 and a high of 1.3802.
On the other hand, the British pound still came out strong versus the dollar, moving around the 1.58 level. From 51.7, the constructions PMI rose to 53.8. If the GBP/USD pair trades below the resistance level of 1.5880, the pair will probably head downward. The GBP/USD touched a high of 1.5867 and a low of 1.5746.
Debt Crisis in Euro Zone Still Very Real
Forex trading investors who deal with the euro have returned to risk aversion strategies as the debt crisis in the Euro zone continues. Over the past few days, the euro was able to make some gains over the dollar, but on September 20th, the euro seems to have plateaued at the 1.300 level. The EUR/USD pair traded at a high of 1.3067 and a low of 1.3031, and the trend seems to be bullish despite investor worries.
The British pound has been able to hold out against the dollar, staying near the month-high that it recently posted. The GBP/USD pair traded at a high of 1.5648 and a low of 1.5592.
The dollar was able to gain against many of the majors as the market begins to correct itself. Investors will have to see how the dollar continues to move as the market is currently in a corrective shift. The Euro zone problem will certainly play an important role.
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