The U.S. dollar fell today, close to its lowest level this year, versus a basket of major currencies, as indicated by the dollar index, which tracks the dollar movements against six major currencies. The Index is now at 76.18 from the opening at 76.35, with eyes on the G-20 meeting starting today. The FED mentioned that it will keep the benchmark interest rate at its low record for long period, which sapped demand on the federal currency.
The euro-dollar pair inclined today on the daily charts, snapping some of the losses that had incurred yesterday.
The sterling-dollar pair declined sharply today, after the announcements of Mervyn King, when he mentioned that the pound's depreciation will help the British economy to pare its imbalances. He said that the progress witnessed till this moment is also considered minor, compared with the decline in production; resulting from the global crisis. So far, the pound is traded at 1.6148, setting a high of 1.6385 and a low of 1.6142; while the coming support for the pair is seen at 1.6142 and the resistance is spotted at 1.6163.
The dollar-yen pair is showing a downside bias on the daily charts, but it is inclining on the 4-hour charts. The Japanese yen strengthened today, on speculations that many Japanese producers will repatriate home funds, after their return from the holiday today. Now, the pair is trading around 90.71, after hitting a high of 91.62 and a low of 90.33; while the pair is currently facing the coming support level at 91.60, while the resistance is spotted at 90.90.