As we are waiting for major economical events from all around the world today and tomorrow, including the ECB rate decision with the press conference of Mr. Trichet, as well as the U.S. jobs report to be released tomorrow, the greenback is loosing ground across the board while the Japanese yen is falling badly.
The economical data and the speeches from the major policy makers in the world most powerful economies are bringing confidence back in markets, leading investors to sell the low yielding currencies like the Dollar and the Japanese yen against the high yielders, in a time that seems perfect for risk lovers as stock market continues to climb, along with commodities and precious metals.
EURUSD climbed from a low of 1.5041 to record a high of 1.5133 trying to knock of the resistant level at 1.5135, which if breached we will be able to see even a stronger bullish wave, while the decision will be in the hands of Mr. Trichet to give push for the pair in his speech or not.
The royal currency is recording a third consecutive day incline against the greenback, climbing from a low of 1.6624 to record a high of 1.6719, and regardless that the pound is weakening across the board yet it still outperform the falling dollar, and today was able to stay solid against all major currencies.
The Japanese yen continued to decline, as it fell against the dollar from a low of 87.32 recording a high of 87.91 yen per each U.S. dollar. The bullish trend that the Dollar runs against the yen is coming from further weaknesses in the yen and not on the dollar merits, in addition to the great incline in Asian equities that led to selling wave for the Japanese currency against the dollar today.