Investors resorted to lower-yielding currencies after Dubai's announcement that it is planning to reschedule $59 million debt and as known Dubai international is the largest shareholder in London Stock Exchange Group Plc which caused a panic in stock markets. The dollar rebounded today from 15-month low against a basket of major currencies as indicated by the dollar index.
As regards to the euro-dollar pair, it is showing a sharp decline on the daily, 4-hour, and 1-hour charts. Also, the news released today helped in the drop as the euro zone's M3 money supply fell to the lowest level since 1981. The pair is currently close to the strong support at 1.5000 recording 1.5010, while marking a high of 1.5141 and a low of 1.5001, whereas the coming support is at 1.5000 then 1.4970 and resistance at 1.5050.
As for the sterling-dollar pair, it is also declining tremendously on the daily and 4-hour charts. The pound was adversely impacted by the news due to the tied relation with London Stock Exchange. So far, the pound is trading at 1.6484 setting a high of 1.6724 and a low of 1.6473; while the coming support for the pair is seen at 1.6450 and the resistance is spotted at 1.6540.
With regard to the dollar-yen pair, it slipped on the daily charts, continuing its downside trend that started on October 27. The dollar touched 14-year low against the yen on speculations Japan will allow for the appreciation of the yen. Now, the pair is trading around 86.55 after hitting a high of 87.47 and a low of 86.27; while the pair is currently facing the coming support level at 86.23, while the resistance is spotted at 86.80.