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Dollar continues on rising against majors
Written by article default Thursday, 16 December 2010 04:02
The euro depreciated against the dollar following the release of the manufacturing and services sector performance throughout the past period. Both sectors presented mixed signals about the performance while both expanded at a slower pace than projected.UK retail sales helped push the pound to rise against the dollar after retail sales report surged above expectations, but overall the dollar continued on rising against majors after initial jobless claims rose above expectations.
The US dollar index opened trading at 80.23 while setting a high of 80.33, which is the current trading levels, while setting a low of 79.97.
Calm trading is witnessed in the euro-dollar pair, where the pair opened trading at 1.3210 while setting a high of 1.3265 and a low of 1.3182 before settling near 1.3189 levels.
The pair is targeting the support at 1.3120 where a daily closing below these levels could pave the path for the pair for further deterioration.
The pound traded higher, at 1.5567, while setting a high of 1.5630 and a low of 1.5538.
The pair managed to maintain a four-hour closing above the support levels of 1.5553, a breach of those levels would pave the path for the pair to target 1.5528.
As for the Yen, the pair traded higher at 84.28 while setting a high of 84.41 and a low of 83.94, compared with the opening levels of 84.23.
Today’s trading range is bounded by the support at 84.00 and the resistance at 84.40.