The postponement of financial aid loans for Greece, 12 billion euros for July, until the middle of next month, increased jitters in the market and woes over Greece being forced to default, especially since European finance ministers linked the providence of this aid with the approval of the austerity measures that meets strong resentment in Greece, and this is what traders are really concerned about, amid the political tension in the nation.

The euro is still facing significant pressures against the dollar with the beginning of the week, and those negative pressures continued during the European session, maintaining the dollar's strength against a basket of foreign currencies. TheUSDIX is currently trading around 75.35 levels and investors are tending towards the low-yielding assets because of the low risk appetite.

Concerns about the efficiency of the global economy are really agitating the market and this is why the dollar is gaining strength, with the risk aversion and return to haven; we see that the dollar is blessed with strength, especially after Goldman Sachs cut its forecast for the U.S. economic growth in light of the negative economic data, all these negative economic conditions, is the reason why pessimism is prevailing across markets.

Data in Europe showed today a positive tendency for the industrial sales, but investors can't overlook the risks of the sovereign debt crisis, especially with the data from Germany which showed a lower growth in the PPI, which caused a decrease in the euro's exchange rate after reaching the highest at 1.4295 and the lowest at 1.4189. We can see that EUR/USD is trading near the lowest today close to the support level 1.4220. But according to the technical analysis, trading below 1.4325 may keep the pair on its downward trend, and it will push it further to decline to 1.4090 levels during this week's session.

As for the sterling pound, its trading with slight gains, but actually this trend for sterling is only to compensate the losses seen at opening; the GBP/USD traded today between the highest at 1.6184 and the lowest at 1.6107, and the pair is currently trying to compensate today's losses, after it closed on Friday at 1.6171, we can see that even with the positive upward trend for the pound, it remains within its downward general trend.

According to the technical analysis, the upward trend for the sterling remains weak, as trading below 1.6210 may keep it under the negative pressures and if the dollar maintained the strength we may see levels below 1.6100.

The dollar rose today against the Japanese yen in the light of the increased demand on the dollar as a safe haven; the pair reached the lowest at 80.0 and achieved the highest at 80.36, and in general the pair's trading was limited because of the lack of important economic data today, waiting for the heavy data later this week and especially the confidence vote in Greece and the FOMC decision in the United States.

Generally the pair's movement depends on the support level at 79.65, and by breaching this level, we may see more downward movement, but if it breaks through 80.75 levels we might see the bullishness extend.