The U.S dollar rose today in the middle of the European session with renewed fears in financial markets especially after Feds Charles Evans said yesterday that the feds won't loosen the monetary policy anytime soon. He also said that the economic developments in the U.S economy from the labor market or even the future expectations for inflation rates do not support the bank in loosening the monetary policy further.
The USDIX is currently trading around 75.30 recording the intraday high of 75.35 and the low of 74.95.
The euro fell against the dollar to 1.4244 after the Bundesbank -Germany's central bank- said that the German economy is to slow into the end of the year especially after the explosive start of the year, saying growth is likely to ease somewhat in the foreseeable future.
The pair opened today at 1.4307 recording the intraday high of 1.4345 and the low of 1.4230. Technically, the failure to passing through the resistance level at 1.4320 pressures the downside move as far as a clear breach is seen for 1.4245 support to move towards 1.4105.
The pound fell against the dollar despite the lack of economic data from the royal economy which is facing a lot of difficulties from high inflation rates, huge budget deficit, and sluggish growth.
The pair is currently trading around 1.6226 recording the intra day high of 1.6265 and the low of 1.6215; the pair is trading between the support of 1.6160 and the resistance of 1.6285.
U.S dollar rose against the Japanese yen after the BoJ kept its monetary policy unchanged with rates steady at 0.0%-0.1% to support the Japanese economy which shrank during the first quarter following the March earthquake. The pair is currently trading around 81.66 recording the intraday high of 81.75 and the low of 81.45, the pair is expected to continue to the upside if it breaches through 81.75 moving towards targets at 83.50 but breaching 80.75 levels will negate the expected upside move.