Dollar Continues Climb Vs. Majors

The greenback is extending its gains in the markets as currently this is the only currency that is speculated to hike interest rates within this year. Today more housing data is scheduled to be released which will either keep the dollar strong in the markets or depreciate since investors are very aware that behind the down fall of the US economy was the housing sector.

The euro is depreciating in the markets marking the lowest pace since 6 months as a result of the down beat data that was released today regarding Germany showing that businesses confidence deteriorated in the economy especially as the GDP second quarter final reading was revised downwards to -0.5%. Also the bad fundamentals are holding back the ECB from hiking interest rates anytime soon. Using the moving average indicator we see that the direction is to the downside while there is currently a support at 1.4530 and a resistance at 1.4630. The EUR/USD is currently traded 1.4590 while recording a high of 1.4727 and a low of 1.4584.

Since the UK this week lacked major fundamental data, the pound is continuing its slide in the markets as nothing is supporting it as their economy continues to deteriorate. If the sterling does not gather enough momentum from the support of 1.8290 to reverse to the upside, it will continue its downside wave to reach its next support target at 1.8195. The GBP/USD is currently traded at 1.8336 while recording a high of 1.8487 and a low of 1.8334.

The yen is gaining against the euro and the pound, yet remains weak in front of the rising greenback. The USD/JPY is currently traded at 109.81 above the support of 109.30 while recording a high of 109.92 and a low of 109.27.

Crown Forex

disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.