Today's markets and especially currency markets witness high fluctuation and volatility as the US economy released some disappointing data confirming the fragility of the recovery process.
The US disappointing data were the following; Philadelphia Fed index for August as it fell by -7.7 compared to the expected 7.0 and falling from the previous 5.1.
The British Pound gained today as the kingdom announced better than expected retail sales, in addition, the European Union announced a second package worth €9 Billion given as aid to Greece.
The Dollar index which measures the USD's performance versus six major currencies fell from today's opening level of 82.52 to currently trade at 82.41 recording its highest level at 82.72 and its lowest at 82.00. Gold prices climbed reaching $1232.42 per ounce from the opening price of $1228.68. Oil fell sharply reaching $74.64.
The Euro/Dollar pair fell up to this moment trade below the opening level of $1.2849 at $1.2814 recording an intraday high at $1.2902 and a low at $1.2769, the pair is currently above strong support on $1.2790 and resistance remains at $1.2950, as the pair is currently near resistance, should the pair dive below $1.2790 it will meet the next support at $1.2730.
The Royal Pair Sterling/Dollar climbed as the UK economy released better than estimated retail sales to trade above the opening level of $1.5590 at $1.5598 recording a high at $1.5670 and a low at $1.5506. The pair broke the $1.5635 resistance levels but could not sustain it to fall down again, should the pair break the level again it would turn into support and the next resistance the pair will meet at $1.5710. currently support levels remain at $1.5530.
Finally the Dollar/Yen pair fell during today's trading to trade below the opening level of ¥85.41 at ¥85.21 recording a high at ¥85.91 and a low at ¥84.87, the pair is believed to continue a downward trend should it break ¥85.15 support level, while resistance remains on ¥85.70.