Growing speculation over the potential end to Dollar-based trading in the oil market has pushed the USD down against 14 of its 16 major counterparts yesterday. A report on Tuesday in the Independent newspaper revived the idea of ending a huge volume of trade of the world's most liquid commodity - Oil in the U.S. Dollar, a potentially major sign of the greenback's fading status. The Dollar weakened after the U.K.-based Independent reported oil-producing Gulf nations are seeking to move to a basket of currencies to settle transactions. Analysts said ending the use of the Dollar as the currency used to settle oil trades between countries would be an easy task, but a move to replace the currency in which oil is priced would require a massive effort.

  • Forex Market Trends

 EUR/USDGBP/USDUSD/JPYUSD/CHFAUD/USDEUR/GBP
Daily Trend

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Weekly Trend

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Resistance1.48151.612590.001.03600.89400.9302
1.47651.607589.751.03400.89200.9260
1.47351.602589.501.03100.88900.9230
Support1.46501.590088.601.02500.88000.9160
1.46001.584588.251.02200.87550.9120
1.45651.580088.001.01900.87200.9080