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The rise of the dollar and the yen against majors
Written by article default Tuesday, 30 November 2010 14:44
The euro fell today during the Asian session against the American dollar to the lowest level in 9 weeks, and also against the Japanese yen to an 11-week low, as demand for the dollar and Japan's currency increased while investors sought safe heaven.In the meantime, it is more probable that the Chinese government will take more steps to cool the economic growth in order to keep inflation under control, while there are continuing worries about the debt crisis in Ireland and its repercussions in the region.
The euro declined against the dollar during today’s Asian session, where the pair trades around the level 1.3099, recording a high of 1.3149 and a low of 1.3075, the pair faces a support at 1.3080. The daily and four hours momentum indicators show the pair in an oversold area supporting the pair’s incline.
Today, the British pound/dollar pair retreated during the Asian session, recording a high of 1.5571 and a low of 1.5523, and now it trades around 1.5544, and the pair's decline has stopped at the support level 1.5520. Momentum indicators show the pair in an oversold area.
Moving to the dollar against the yen, which declined during the Asian session, trading around 84.06, recording a high of 84.26 and a low of 84.00. Momentum indicators show the pair in an overbought area, supporting the pair to start its decline by the beginning of this trading week, after rising for four weeks in row.