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Dollar extends its depreciation
Written by article default Friday, 19 November 2010 08:17
The dollar extended its drop against most of its major counter parts as investors await the decision on Ireland bailout plan. In addition, the Fed Chairman Ben Bernanke defended the second round of stimulus measures which helped the dollar depreciate further against majors.The US dollar index, which tracks the performance of the dollar against six major currencies, fell on the daily scale to trade at 78.48, compared with the opening levels of 78.62 where it managed to reach the highest at 78.72 and the lowest at 78.16.
Euro rose as German producer prices rose last month than forecast. The EUR/USD pair opened trading at 1.3641 while setting a high of 1.3731 and a low of 1.3606 while currently trading at 1.3662.
A bullish intraday direction remains intact, targeting 1.3750 and 1.3850 that requires trading to remain above 1.3580.
The pound fell against the dollar to trade at 1.5967, compared with the opening levels of 1.6043 where it managed to reach the highest at 1.6093 and the lowest at 1.5960.
A bullish intraday direction remains intact as long as the pair DO NOT breaches 1.5960, while the targets are set at 1.6300. A breach of the mentioned levels would weaken the chances to extend the rise.
The yen rose against the dollar, as the dollar fell to trade at 83.44 against the yen on the daily scale, where it managed to touch a high of 83.64 and a low of 83.12.
A bullish intraday direction remains intact, targeting 84.00 and 85.00 but requires stability above 82.65.