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Currencies Update: Weakening dollar push the yen up
Written by article default Friday, 08 October 2010 10:16
The dollar is still continuing to decline versus its major counterparts, pushing the dollar against the Japanese yen to decline to the lowest level in 15 years. On the other hand, the expectations indicating that the Fed's is going to debase its currency through the purchase of government bonds to support economic growth.The euro inclined slightly against the greenback during the Asian session, trading above the level 1.3885, recording a high of 1.3961 during yesterday's session and a low of 1.3902, and now the pair trades around 1.3938. The daily momentum indicators show the pair within an overbought area while the four hours momentum indicators give selling signs.
Today, the British pound which is trading near yesterday's closing levels 1.5870. The pound recorded a high of 1.5898 and a low of 1.5885, and the pair now trades at 1.5874. The daily momentum indicators show the pair in an overbought area, supporting the pair's incline during today’s session.
The Japanese yen inclined against the greenback, reaching the lowest in 15 years, recording a low of 82.14 and a high of 82.49, and now it trades around 82.36. The momentum indicators show the pair in an oversold area, which reflect the pair's upside movement.