The dollar rose slightly during today's trading, after the dollar fell against a basket of currencies to the lowest since June 10, and according to the USDIX index the dollar fell to 74.10, but returned to record some slight gains as the fluctuations prevail.
The euro rose against the dollar to reach 1.4577 the highest level since June 09, but after that we witnessed a significant drop to the lowest level at 1.4500. Fundamentals from Europe today showed a tendency towards negativity through the PPI, as we witnessed the slowing inflationary pressures, as the prices fell by 0.2% during May, pushing away some of the pressures on the ECB. The negative outlook for investors regarding the bailout plan for Greece was the fear that rating agencies will count the terms of private sector involvement as default according to warnings from S&P today.
As for the technical analysis, it still indicates that stabilizing above 1.4495 levels may keep the chances for the euro to rise against the dollar, which maybe a reason to see an attempt to test 1.4585 level, although breaking the 1.4495 level may weaken those chances.
Questions about the euro are currently increasing and the probabilities in returning to the upward trend is available as Greece is benefiting from the bailout plans but investors are waiting for reassurances that the financial situation in Greece is fine, but at the end the current situation is better than before, and that what will keep the euro in its upside direction, unless another surprise comes our way.
Fundamentals from the United Kingdom today showed a drop in the construction sector, and the PMI showed a drop from 54.0 to 53.6 which was worse than expectations, despite that, sterling rose for the second day against the dollar, whereas investors saw interpreted that the low-priced pound maybe speculatively appropriate. the GBP/USD rose from the low of 1.6059 to the high of 1.6139.
The dollar fell against the Japanese yen today, as the pair fell from 80.90 yen and reached a low of 80.51. But these levels are the same as the usual range for the pair since the second of last month. The trading is currently trading between the support level at 80.25, and the resistance level at 81.50, and around 80.75.