Greenback is back and its bad, the dollar has been strengthening against majors since the start of this new week, despite the fact that Us markets are out today and housing data from the economy is to prove the market is still at its 16 year low; the dollar is gaining as some see the extensive easing by the feds could in no time be eluded into repetitive tightening as the economy detours recession and responds to provided easing and induced fiscal plan.

Acquiring losses comes ahead for the dollar as majors lack enough momentum to breach technical levels in a fundamental free day today. The euro failed to attempt 1.4690 and comments from the Bank of France governor expecting EU growth to slow this year; the euro against the dollar declined from that strong resistance and now testing the strong support if it will withhold the current 1.46s trading range which is the 1.4620s.

The royal pound on the other hand discarded figures reflecting the bounce in properties prices to concentrate on rising inventories and time of sale; while Northern Rock's nationalization now announced investors fear further tightening that might continue to curb expansion and further dampen growth prospects. Sterling couldn't successfully breach 1.9630s to trade lower against the dollar through the course of the European session to reach as low as 1.9474.

The yen on the other hand is also going with the dollar strength trend as the 107.80s was a strong demand level which helped the dollar to leap to the upside to as high as 108.31; the cross currencies were rather stable today with the euro trading sideways against the yen, yet maintains its upside advantage setting that high at 158.54 which it could not penetrate, unlike the pound which is rather trading tightly with downside headings setting as low as 110.54 until the hour of this report.