Dollar advance amid Rising Concerns in Markets

By @ibtimes on

The U.S. dollar rose against major currencies on Monday amid the lack of economic news from the United States, after Standard & Poor's surprisingly slashed its long-term sovereign-credit rating on the U.S. to 'AA+' from 'AAA' and assigned a negative outlook to the long-term rating, fueling concerns that the downgrade could start an economic meltdown, forcing investors to invest in lower yielding assets and safe havens.

The U.S. Dollar index, which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, rose on daily basis to trade at 75.00, compared with the opening level at 74.39, while recording a high of 75.02 and a low of 73.97. Gold prices extended their rise as investors sought safety, to trade at $1701.94, snapping a multi record high at $1715.35 with the opening level at $1687.90 an ounce, while crude oil prices declined to trade at $83.43 compared with the opening level at $86.10 a barrel.

The Euro fell against the Dollar, where the EUR-USD pair is trading at $1.4223, while recording a high of $1.4401 and a low of $1.4129. The pair is now trading between support level of $1.4205 and resistance levels of $1.4255.

The British Pound fell as well today against the U.S. Dollar, where the GBP-USD pair is now trading at $1.6335, while the pair recorded a high of $1.6472 and a low of $1.6297. The pair is now trading between support level of $1.6310 and resistance levels of $1.6365.

The U.S. Dollar slid against the Japanese Yen, where the USD-JPY pair is now trading at ¥77.66, while recording a high of ¥78.34 and a low of ¥77.55. The pair is now trading between support level of ¥77.45 and reissuance level of ¥77.90.

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