The dollar fell in the middle of the European trading trimming the gains seen the last two days, as wave of fears dominated the financial markets about the destiny of Greece. The dollar gains this week spread after the European leaders failed to reach an agreement for the new rescue package for Greece, and the nation government was falling apart which intensified the fears and pushed investors to the dollar as a safe haven in the times of crisis.
The USDIX is currently trading around 75.12 recording the intraday high at 75.75 and the low of 75.09 compared to the opening 75.43.
The euro rose against the dollar after Greek PM, George Papandreou, has finally succeeded in appointing a new finance minister, Evangels Venizelos to succeed George Papaconstantinou, and this is a part of the amendment of the new government in order to gain confidence for the new austerity plan in the parliament. As for Sarkozyand Markel's meeting they said that they're united in supporting the new bailout package for Greece, and the private's sector must voluntarily participate on the basis of the Vienna Initiative.
The pair rose to the high of 1.4299 and the low of 1.4165, and the pair is currently trading around 1.4295 and technically the pair is expected to fall providing settling below 1.4280 targeting 1.3970.
The sterling revived against the dollar and is currently trading around 1.6179 despite the lack of economic data from the royal economy which is still trying its best to shrink the budget deficit, but the collation government has failed in containing the situation, especially with other obstacles dominating such as high inflation unemployment rates. The pair is currently trading around 1.6170 recording the highest at 1.6187 and the lowest at 1.6090, technically the pair is expected to fall targeting 1.6045 provided to settle below 1.6320 levels.
The dollar fell against the Japanese as investors are purchasing low yielding currencies with fears dominating the markets, but the rise in the Japanese yen is negatively affecting the economy that suffers from the consequences of the earthquake that hit the country last March. The pair is currently trading around 80.35 recording the highest at 80.67 and the lowest at 80.18, technically the pair is expected to move to the downside targeting 79.65 and must settle below 82.00.