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Currencies Update: The dollar continues to decline versus its major counterparts
Written by article default Thursday, 07 October 2010 10:16
The greenback continued to decline versus its major counterparts during the Asian session, recording the lowest level against the Japanese yen in 15 years, and it trades near an 8-month low versus the euro, on increasing expectations the Federal Reserve Bank is going to increase its stimulus measures in order to provide more liquidity in the financial markets, leading to a weaker dollar.The euro inclined slightly against the greenback during the Asian session, trading around 1.3910, recording a high of 1.3930 and a low of 1.3897, and now the pair trades around 1.3917. The daily momentum indicators show the pair within an overbought area while the four hours momentum indicators give selling signs.
Turing to the British pound which is trading near yesterday's closing levels 1.5860. The pound recorded a high of 1.5874 and a low of 1.5845, and the pair now trades at 1.5866. 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 82.81 and a high of 83.02, and now it trades around 82.90. The momentum indicators show the pair in an oversold area, which reflect the pair's upside movement.