Monday, September 7, 2009

Majors incline against dollar

Two vital markets are out for today, the United States and Canada are enjoying the Labor Day , leaving the markets for the Europeans and the Asians. The optimism extended from last week came to bolster the European and Asian stocks to trade in the green zone, compensating some of the losses seen previously. Based on this we see the currency markets are currently trading in a narrow range, yet the Euro and the British pound managed to incline against the dollar.

For the second consecutive day the euro inclined against the US dollar where the pair is currently trading at 1.4336 levels rising from the low recorded earlier today at 1.4295 levels. The pair managed to breach 1.4299 levels, opening the chance for it to hit targets at 1.4650 levels, yet the pair needs to breach 1.4345 levels before heading higher.

The British pound inched higher against the US dollar earlier today, where the pair is currently trading at 1.6397 levels after it recorded a high of 1.6442 and a low of 1.6364. However, the needs to breach 1.6380 levels before it head toward the set targets at 1.6650 levels, yet the low volume in markets might prevent such rally to the pound.

Nevertheless, the US Dollar managed to incline against the Japanese yen to currently trade at 92.98 levels after it recorded a high of 93.30 and a low of 92.82. If the pair settles above 92.60 levels then it would be heading to the set targets at 95.00 levels.


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