Steady Markets...

The U.S financial markets are closed today due to the Independence Day Holiday as markets are steady due to low volume of trading as it was a tough week for the greenback especially as we saw yesterday that the labor market is still soft while investors remain worried about the current state of the economy.

The euro lost its ground in the markets despite the rate hike of 25 basis points by the ECB bank due to the unbiased tone by Jean-Claude Trichet while investors expected him to take a hawkish tone as they were waiting for a series of interest rate hikes in order for him to contain inflation in the economy. The outlook for the Euro Zone is not that bright as Trichet spoke causing investors to flee the single currency. Now the EUR/USD is trading in narrow ranges between the levels of 1.5670s and 1.5730s. The pair recorded a high 1.5726 and low of 1.5680.

The UK economy today lacks fundamental economic data as the royal currency is moving based on technical movements. We see the British pound remains weak in the market as the only thing holding the downside wave is the major support at 1.9800. The GBP/USD pair is currently trading at 1.9830 while recording a high of 1.9847 and a low of 1.9794.

As for the yen it is also trading in narrow ranges due to the lack of movements in the markets as the USD/JPY is currently traded at 106.72 while recording a high of 106.87 and a low of 106.60.

Crown Forex

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