The Japanese yen and U.S. dollar faced a sell-off today as optimism in markets after Dubai's debt woes has eased, spurring demand on higher-yielding and risky assets. The U.S. dollar slightly declined after the U.S. data as the impact of the stellar housing data was dwarfed by the worse-than-expected manufacturing data.
As regards to the euro-dollar pair, it is showing an incline on the daily and 4-hour charts. The euro gained against the dollar lifted by Dubai news and the buoyant manufacturing data in the euro zone and Germany. The 16-nation currency is currently close to the highest in 15 months versus the green currency after breaching the strong resistance at 1.5000 recording 1.5083, while marking a high of 1.5101 and a low of 1.4970, whereas the coming support is at 1.5000 and resistance at 1.5100.
As for the sterling-dollar pair, it is also inclining sharply on the daily and 4-hour charts. The pound was positively impacted by the stellar news from United Arab Emirates due to the tied relation with London Stock Exchange. The sterling surged for the first time in three days despite the decline in PMI manufacturing for November. So far, the pound is trading at 1.6612 setting a high of 1.6624 and a low of 1.6389; while the coming support for the pair is seen at 1.6590 and the resistance is spotted at 1.6636.
With regard to the dollar-yen pair, it rebounded slightly on the daily charts, after reaching its lowest in 14 years last week, from the downside trend that started on October 27, but it is facing downside pressure on the 4-hour and 1-hour charts. Now, the pair is trading around 86.65 after hitting a high of 87.53 and a low of 86.14; while the pair is currently facing the coming support level at 86.35, while resistance is spotted at 86.90.