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Currencies Update: Majors continued to fall by the end of the week
Written by article default Friday, 26 November 2010 11:06
The euro trade around its lowest in two months against the dollar on believes the Irish credit crisis might spread to other countries in the region. Those fears determined investors to loose their appetite for risk. Meanwhile the yen is rising against the dollar after inflation in Japan showed some moderation during October.The euro fell during today’s Asian session against the dollar to its lowest in two months, trading around 1.3332, recording the highest at 1.3349 and the lowest at 1.3325. Breaking the level 1.3360 helped extend the downside movement, yet the daily and four hours momentum indicators show the pair in an oversold area which might limit the pair’s downside movement.
The pound fell today against the dollar recording a high of 1.5765 and a low of 1.5745. Now the pair trades around 1.5752. Breaking the level 1.5800 helped extend the downside movement, yet the daily and four hours momentum indicators show the pair in an oversold area which might limit the pair’s downside movement.
The yen rose against the dollar during the Asian session, recording a low at 83.63 and a high at 83.87. Momentum indicators give neutral signs yet with a downside bias on the four hours chart.