The 16-nation currency dropped to trade at the lowest levels since 2006 against the Dollar, as investors turned bearish due to Europe's budget cuts that are projected to stall economic recovery in the upcoming months. The European common currency gained earlier as E.U. transferred to Greece the first installment, from the $1.0 trillion bailout package, totaling $18.0 billion, which provided the Euro with enough momentum to reverse its drop, but E.U. Finance Minister's comments that the bailout package is directed to help countries that faces huge deficits, but the only requirement to provide them with billions of Euros is to restructure and perform additional budget cuts, which will delay economic recovery.
The U.S. Dollar index, retreated earlier on the daily scale, but managed to reverse and rise to trade at 86.70, compared with the opening levels of 86.45, where the pair managed to reach the highest at 86.72 and the lowest at 85.90. The inverse relationship between commodities and the greenback, forced metal and oil prices to retreat on the daily scale, where gold returned to trade at $1211.10 an ounce, compared with the opening levels of $1222.25 an ounce, meanwhile oil contracts for June delivery dropped to trade at $70.03 a barrel, compared with the opening levels of $70.52 a barrel.
As for trading, the euro-dollar pair dropped from the opening levels of $1.2394, where it managed to reach the highest levels for today at $1.2444 and the lowest at $1.2264, while it's currently trading at $1.2277. Expectations show that the pair will descend further on intraday basis with targets at $1.2190, but levels at $1.2410 must remain intact in order to achieve those targets.
Moving to the Royal currency, the pair extended its fifth-daily drop where trading opened at $1.4470 while it managed to reach the highest levels today at $1.4517 and the lowest at $1.4368, while currently the pair's trading at $1.4386, meanwhile, Expectations shows that the pair will descend further to target $1.4215 levels, but to achieve those targets that pair must breach the support levels at $1.4250.
Finally talking about the USDJPY pair, it declined in today's trading where the pair opened today's trading at 92.54 while it managed to reach the highest levels today at 92.96 and the lowest at 92.19, meanwhile, the pair is trading at 92.25, Expectations shows that the pair will descend to towards 91.45 then 90.65 that requires stability in trading below 92.85 levels.