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Currencies Update: The dollar ends the week with a decline
Written by article default Friday, 24 September 2010 09:31
The greenback fell again versus its major counterparts, with continued expectations of a weaker US economic recovery during the upcoming period, which could lower demand on the dollar even more and give a chance to the rest of the majors to incline.The euro rose against the dollar during the Asian session, trying to reach the 1.3400 level, recording a high of 1.3355 and a low of 1.3285, and now the pair trades around 1.3352. The daily momentum indicators show the pair is trading in an overbought area, while the four hours momentum indicators show the pair is trading in an oversold area, which determines the pair to move within limited ranges.
The British pound inclined against the dollar during the Asian session, trading below the 1.5700 level. The pound recorded a high of 1.5696 and a low of 1.5659. The pair now trades around 1.5687. The daily and four hours momentum indicators give neutral signs, which increases the chances of an upside movement.
The dollar against Japanese currency pair is trading in a narrow range, close to yesterday's closing. The pair’s volume was low today, recording a low of 84.45 and a high of 84.64, and now it trades around 84.52. The daily momentum indicators give selling signs, while the four hours momentum indicators show the pair is in an oversold area.