The U.S. dollar rose against major currencies on Tuesday in limited trading, as investors targeted low yielding and safe havens against higher yielding assets, which provided the U.S. dollar with momentum to rise against most major currencies including the Euro, where worse than expected PMI figures from Europe weighed down on the single currency, while better than expected PMI in the U.K. provided the British Pound with momentum to rise.
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 74.55, compared with the opening level at 74.46, while recording a high of 74.61 and a low of 74.38. Gold prices rose as investors sought safety, to trade at $1508.47, compared with the opening level at $1494.65 an ounce, while crude oil prices inclined to trade at $96.70, compared with the opening level at $95.12 a barrel.
The Euro fell against the Dollar, where the EUR-USD pair is trading at $1.4466, compared with the opening level at $1.4542, while recording a high of $1.4542 and a low of $1.4442. The pair is now trading above the $1.4440 level, and so long it remains above this level, we should expect more upside movement and the target then will be the $1.4585 resistance level, however, if the pair drops below $1.4440, the next target will be the $1.4340 support level.
The British Pound was little changed today against the U.S. Dollar, where the GBP-USD pair is now trading at the opening level of $1.6085, while the pair recorded a high of $1.6127 and a low of $1.5990. The pair is now trading above the important level at $1.6045 and so long it continues to trade above this level, the next target is set at $1.6210, however breaching the $1.6045 level to the downside would send the pair to the $1.5960 support level.
The U.S. Dollar rose against the Japanese Yen, where the USD-JPY pair is now trading at ¥81.13, compared with the opening level at ¥80.78, while recording a high of ¥81.18 and a low of ¥80.78. The pair is now trading between the support at ¥80.75 and the resistance at ¥81.45, where breaching the support would send the pair to the downside and target ¥80.25, while breaching the resistance would activate the next target at ¥82.00.