Overall market performance is characterized as sluggish today especially currencies' market after the release of disappointing US economic data which showed weak levels of income and spending following the sluggish growth in GDP during 2010's second quarter.
The United Kingdom is absent from today's market action as it is Summer Bank Holiday, while the Euro Zone released improved confidence levels during August, a matter that is quite relieving and erase recovery halt fears.
In the Far-East the Yen weakened by the start of the Asian session as anxiety spread after the emergency meeting of the Japanese Central Bank regarding to its monetary policies following the Yen's advance over the USD the most in 15 years, there has been previous failed attempts to limit the advance which is harming the country's exports.
The US economy released today data showing disappointing levels of income and spending with under control inflation during July, the US president Barack Obama confirmed today that the economy is growing in moderate paces and that the administration is doing everything possible saying that it is not magic and recovery needs time.
The Dollar index which measures the USD's performance versus six major currencies climbed from today's opening level of 82.87 to currently trade at 83.10 recording its highest level at 83.16 and its lowest at 82.75. Gold prices climbed reaching $1237.35 per ounce from the opening price of $1236.90. Oil fell reaching $74.67.
The Euro/Dollar pair fall up to this moment to trade below the opening level of $1.2760 at $1.2669 recording an intraday high at $1.2766 and a low at $1.2669, the pair broke the $1.2710 support level which led to this fall to reach $1.2685 support level.
The Royal Pair Sterling/Dollar fell as the UK economy enjoyed the Summer Bank Holiday to trade below the opening level of $1.5528 at $1.5462 recording a high at $1.5575 and a low at $1.5455. By this the pair broke the $1.5500 support levels after bouncing back from 1.5555 resistance level turning it to resistance and falling to the next support level at $1.5440 and following $1.5360.
Finally the Dollar/Yen pair fell during today's trading session to trade below the opening level of ¥85.30 at ¥84.71 recording a high at ¥85.90 and a low at ¥84.54. The pair's resistance is at ¥85.35 and support at ¥84.30.