The U.S. Dollar dropped against major currencies except the Yen today, where despite worries over the outlook for the Japanese economy after the devastating earthquake that hit Japan and resulted in a huge tsunami wave that left huge destruction, in addition to explosions in several nuclear facilities, yet the pledge from Bank of Japan that it will provide help to the economy and banks eased concerns in markets, especially amid speculations that the BOJ will intervene in markets and weaken the Yen.
Meanwhile, the Euro rose against the Dollar after European officials agreed to boost the bailout fund for debt burdened European nations, which spread optimism over the outlook for the European crisis, although the crisis is far from over.
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, declined on daily basis to trade at 76.39, compared with the opening level at 76.70, while recording a high of 76.75 and a low of 76.33. Gold prices declined slightly to reach $1424.05, compared with the opening level at $1426.79 an ounce, and crude oil prices inclined to trade at $100.24, compared with the opening level at $99.78.
The Euro inclined against the Dollar today, where the EUR-USD pair is trading at $1.3997, compared with the opening level at $1.3934, while recording a high of $1.4002 and a low of $1.3904. The pair is now targeting the 1.4100 resistance level, while a support is detected at $1.3860.
The British Pound inclined against the U.S. Dollar as well, where the GBP-USD pair is now trading at $1.6185, compared with the opening level at $1.6069, while the pair recorded a high of $1.6199 and a low of $1.6027. The pair is now targeting the resistance at $1.6250, while the first support level is detected at $1.6150.
The U.S. Dollar inclined against the Japanese Yen, where the USD-JPY pair is now trading at ¥81.65, compared with the opening level at ¥81.29, while recording a high of ¥82.44 and a low of ¥81.27. The pair is now trading below the ¥81.70 resistance level, which suggests that the way is open to reach the ¥79.60, but the pair must remain below ¥81.70 in order for this bearish scenario to continue, while rising above this level would mean the pair will target the 83.00 resistance level.