Cautiousness Chain Currency Traders Amid Concerns Over Economic Growth, Euro Debt Crisis

By @ibtimes on

Traders wandered cautiously in currency markets throughout the first trading session in December ,as Europe's debt crisis continue to dominate sentiments and we actually see narrow trading on Thursday, as investors are anticipating further information or evens clues on whether the debt crisis will be credibly contained any time soon.

Data from China came gloomily today to underscore the global economy is in fact threatened, after China's manufacturing growth contracted in November, fueling concerns the global economic recovery is losing momentum, and accordingly offset better-than-forecasted manufacturing growth in the United States, according to the ISM Factory Index For November.

The dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, steadied from today's opening level of 79.27 to currently trade at 78.28 recording its highest level at 78.53 and its lowest at 78.06. Gold prices declined to trade around $1735.59 per ounce from the opening price of $1748.07. Oil dropped as well to trade around $99.21 after opening at $100.61 per barrel.

The Euro consolidated against the US dollar today after opening at $1.3442as the EURO/USD currently inclined to trade around $1.3468, while recording a high of $1.3521 and a low of $1.3417. Accordinlgy, the par will be trading within a support level of $1.3415 and a resistance level of $1.3515.

The British Pound steadied as well against the dollar today, where the pair is currently trading around $1.5705 after opening at $1.5704 levels, while recording a high of $1.5756 and a low of $1.5637. therefore, the pair will be trading within a support level of $1.5680 and a resistance level of $1.5780.

Moreover, the Greenback stabled against the Japanese Yen on Thursday, after the USD/JPY pair started trading at ¥77.90, while recording the high of ¥77.80 and a low of ¥77.48 to currently trading at ¥77.64. Accordingly, the pair will be trading between the support level of ¥77.60 and the resistance level at ¥77.80.

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