US
UK
Chinese
Japanese
Hong Kong
Australia
Spanish
Deutsch
Portuguese
Korean
French
Russian
Sponsorship Link
FX-trading kept the general theme that dominated trading since August, where the first shed of light that the Fed will introduce a second round of stimulus measures to market, causes the dollar to depreciate against majors.
JPMorgan Chase & Co believes that the world's reserve currency might actually become the world's weakest currency, and fall below 75.0 against the yen in the upcoming year, putting more pressure on Asian and European economies and the recovery as they rely on weaker currency to boost exports, thus growth.
Central banks around the world are forecasted to preserve the current low level of key rates during the upcoming year, but with the Fed's $600.0 billion program to purchase securities, the dollar is more likely to extend its drop to levels not seen in years against majors.
The US dollar depreciated nearly 17 percent against the euro along since July, with expectations for further bearishness.
Must Read
The six-currency gauge of the dollar's performance dropped on the day to trade at 78.53, compared with the opening levels of 78.80, where the index touched a high of 79.00 and a low of 78.47.
Follow us
The European currency advanced for the second day despite the constant debt woes regarding Ireland and Greece. A bailout for Ireland is currently under discussion that will prevent contagion in Europe such as the one witnessed earlier this week for Greece.
The EUR/USD pair opened trading at 1.3527, to record a high of 1.3663 and a low of 1.3523 before settling to trade near 1.3643.
The pair is targeting 1.3665 and 1.3750, keeping in mind the negativity of momentum indicators that might force the pair to start a downside correctional move, but as long as trading remains above 1.3550, those targets remain intact.
The British pound surged today following the release of UK's retail sales that rose above expectations.
Sales rose by 0.5 percent in October from September after it dropped by the same percentage.
Currently the cable is gaining against the dollar to trade at 1.6000, which also marks the highest level. The pair opened trading at 1.5904 and recorded a low of 1.5886.
A bullish trend is at play, where the pair managed to build a strong trading base above 1.5960, with targets set at 1.6020 and 1.6100.
As for the dollar's performance against the Japanese yen, it gained ground and ascended on the daily scale to trade at 83.30, compared with the opening levels of 83.17, while touching a high of 83.39 and a low of 83.08.
Further upside movement is forecasted with targets at 84.40 and 85.00 that requires stability in trading above 82.70.
