Dollar continues to decline against major currencies

By @ibtimes on

The dollar fell against the euro to its lowest level in 16 months with the continued enthusiasm of investors to buy high yielding currencies against the dollar, after investors hopes faded out that the Fed on its way to tightening the monetary policy and raise interest rates.

The euro started today's session with an incline against the dollar, as the pair trades around 1.4828 after recording the highest at 1.4847 and the lowest at 1.4803. The pair faces a resistance at 1.4870. The daily momentum indicators show the pair is trading at overbought.

The pound traded higher against the greenback, trading around 1.6659 after recording the highest at 1.6663 and the lowest at 1.6622. The pair faces a resistance at 1.6700. The daily momentum indicators show the pair is in an overbought area.

The dollar/yen pair decreased during the Asian session, as the pair trades around the 81.55 level, recording the highest at 81.60 and the lowest at 81.47. The daily momentum indicators show the pair is in an oversold area.

Join the Discussion