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Currencies Update: Narrow ranges during the Asian session
Written by article default Wednesday, 06 October 2010 21:21
Major currencies witnessed calm trading today during the Asian session, trading around yesterday's closing levels after recording an incline versus the dollar. The dollar trades at its lowest in six months against the euro, on speculation the Federal Reserve will join Bank of Japan in increasing purchases of government bonds.The euro inclined slightly against the greenback during the Asian session, trading below the level 1.3860, recording a high of 1.3852 and a low of 1.3821, and now the pair trades around 1.3845. The daily momentum indicators show the pair is within an overbought area while the four hours momentum indicators give selling signs.
The pound/dollar pair is trading near yesterday's closing levels 1.5900. The pound recorded a high of 1.5916 and a low of 1.5889, and the pair trades at 1.5914. The daily momentum indicators show the pair in an overbought area, supporting the pair's incline during today’s session.
Today, the Japanese yen inclined against the greenback, reaching the highest in 15 years, recording a low of 83.06 and a high of 83.24, and now it trades around 83.12. The momentum indicators show the pair in an oversold area, which reflect the pair's upside movement.