Investors rode the rough seas of uncertainty and shunned low-yielding assets amid a wave of optimism that was spread in the markets today after the EU Leaders unveiled their plan to expand the region's rescue fund up to 1.4 trillion Euros following the Crisis Summit that was held in the Belgian Capital, Brussels on Wednesday.
In addition, the dollar pulled on the brakes leaving other majors ahead after a governmental report showed that the U.S economic expanded at a 2.5 percent annual pace in the third quarter of 2011, giving a strong push to hesitant traders, while focus will be on the personal income and outlays figures due out tomorrow.
Meanwhile, 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, eased down from today's opening level of 75.89 to currently trade at 74.90 recording its highest level at 77.94 and its lowest at 74.84.
Gold prices advanced to currently trade at $1746.32 per ounce from the opening price of $1723.07 per ounce. Crude oil gained as well to reach $94.05 after opening at $91.10 per barrel.
The Euro rose slightly against the US dollar today after opening at $1.3885 as the EURO/USD currently trades around $1.4235, while recording a high of $1.4238 and a low of $1.3885. Accordingly, if the pair breaches the key support at $1.4205, then the pair will be targeting the next resistance level at $1.4255, yet the support level remains at $1.4205.
The British Pound inclined against the dollar today, where the pair is currently trading around $1.6127 after opening at $1.5970 levels, while recording a high of $1.6128 and a low of $1.5967. If the GBP/USD breaches the key support level at $1.6100 then the pair will be targeting the next resistance level at $1.6150, however, the $1.6100 remains as the support level.
Last but not least, the U.S dollar fell before the Japanese Yen at today's trading, after the USD/JPY pair started trading at ¥76.17, while recording the high of ¥76.28 and a low of ¥75.66 to currently trading at ¥76.90. Eventually, the JPY/USD pair will be trading within the ¥76.10 resistance level and ¥75.60 support level.