Cautious trading was spread in financial markets today, amid concerns over Europe's debt crisis bleak outlook in on hand, while risk appetite for higher-yielding assets was spread slightly in markets after strong economic reports suggested the economic momentum is adding flow, the thing that overshadowed fears about the limited impact of Europe's debt crisis on the US economic recovery.
Regardless of optimism spread in markets, traders are still cautious in light of the escalating debt turmoil, as the economic revival seems be struggling to catch a breathe before this year nears to an end, anyhow, eyes are still wide-opened on the latest developments from the 17-bloc euro nations.
Figures from the U.S Department of Labor signaled today that price pressures remains well subdued as been already proclaimed by the Federal Reserve policy makers, and stronger economic growth in the manufacturing sector was cited as well in before the Year end, according to estimates from the New York are and Philadelphia Federal District in December.
Dollar steadied following a three-day gain versus major currencies, as the index measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, were little changed from today's opening level of 80.53 to currently trade at 80.27 recording its highest level at 80.62 and its lowest at 80.11.
Gold fell slightly to trade around $1570.79 per ounce from the opening price of $1574.42. Oil prices extended drop, after U.S industrial Production declined for the first time in seven months, to trade around $94.00 levels after opening at $101.36 a barrel.
The Euro rose slightly against the US dollar today after opening at $1.2985 as the EURO/USD currently trades around $1.3000, while recording a high of $1.3050 and a low of $1.2957. If the pair breaches the key resistance at $1.3080, then the pair will be targeting the next resistance level at $1.3045, but the support level remains at $1.2955 at the meantime.
The British Pound rose against the dollar today as well after opening at $1.5472 levels, where the pair currently trades around $1.5494, while recording a high of $1.5529 and a low of $1.5433. Should the GBP/USD breach the key resistance level at $1.5530, then the pair will be targeting the next resistance level at $1.5575, but the $1.5450 level remains as the support level so far.
Moreover, the dollar declined against the Japanese Yen on Thursday, after the USD/JPY pair started trading at ¥78.12, while recorded a high of ¥78.12 and a low of ¥77.73 to currently trades at ¥77.87. Accordingly, the ESD/JPY will be trading within a resistance level of ¥78.10 and a support level of ¥77.60.