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Currencies Update: US dollar and the Yen declines while the euro rises
Written by article default Wednesday, 24 November 2010 11:10
Today, the Asian session witnessed a declined of the U.S. dollar and the Japanese yen for the first time in three days against the European currency, after the Asian stock markets witnessed losses. Majors found themselves in a correctional movement to the upside resulted from the losses seen over the past three days. On the other hand, the United Nations Command is in talks with North Korea about its attack on one of the South Korean islands yesterday.The euro rose against the dollar during today’s Asian session, recording a high of 1.3412 and a low of 1.3389, while the pair trades around 1.3396. On the other hand, the pair faces a resistance at 1.3430, as the pair inclined. The momentum indicators show the pair within an overbought area.
The British pound inclined against its major counterpart the U.S. dollar, recording a high of 1.5835 and a low of 1.5803, and now it trades around 1.5816. On the other hand, the daily momentum indicators show some neutrality yet there could be signs the pair might be moving towards, while the four hours momentum indicators show the pair in an oversold area.
The dollar/yen pair declined today, recording a low of 83.19 and a high 83.28, where the pair is trading around 83.21. Momentum indicators show some neutrality, giving a free movement for the pair during today's session, yet there are some signs of a slight decline according to the daily indicators.