Lack of fundamentals released from the world's leading economy led the Benjamin to lose ground against most of its counterparts, where better than expected German factory orders boosted the appeal of the Euro to investors in favor of the Dollar, moreover, the Royal currency advanced against the dollar as Britain prepares for the biggest spending cuts in decades.
The U.S. dollar index dropped on the daily scale, reaching 88.28, compared with the opening levels of 88.59, where the index reached the highest at 88.70 and the lowest at 88.15. the inverse relationship between the greenback and commodities drove gold prices higher where it's currently trading at $1237.92 an ounce, compared with the opening levels of $1219.30 an ounce, in addition, oil advanced to trade at $71.69 a barrel, compared with the opening levels of $70.41 a barrel.
As for trading, the euro-dollar pair reversed its previous drop but remained on trading at a four-year low against the dollar, where it's currently trading at $1.1953, compared with the opening levels for today that were set at $1.1926, while it managed to reach the highest levels today at $1.1991 and the lowest at $1.1874. Expectations show that the pair will descend further with targets at $1.1900 that requires stability below $1.2040.
Moving to the Royal currency, the GBP/USD pair rose on the daily scale to trade at $1.4479, compared with the opening levels of $1.4404, where it managed to reach the highest levels today at $1.4561 and the lowest at $1.4386. The momentum indicators support the pair's upside movement and therefore we expect to witness a bullish intraday correction that will be followed by resuming the expected bearish trend over short term basis. The breach of $1.4595 could cause more upside movement that might cancel the suggested scenario.
Finally talking about the dollar's performance against the Yen, the USD/JPY pair traded higher from the opening levels of 91.73 as it's currently trading at 91.89, the pair managed to reach the highest levels today at 92.08 and the lowest at 90.96. Expectations show that the pair will descend on the weekly scale due to the negative signs that are witnessed on the momentum indicator, where the pair will target 88.60 levels, keeping in mind that a breach of 92.90 will lead to a bullish trend towards 95.00.