The Greenback continued posting losses against major currencies amid lack of economic fundamentals from the U.S economy, as markets grew more eager to grab the latest developments in the euro area, especially in Greece as investors is set to appoint a new Prime Minister after George Papandreou resigned as Prime Minister, spurring demand on higher-yielding assets and currencies excluding the dollar and the Japanese Yen.
On the other hand, market focus mostly on Italy, as investors grew more concerned over who will hold the key of salvation for debt-burdened Italy after Prime Minister Silvio Berlusconi won the vote on his measures but unluckily lost the confidence of the parliament's absolute majority.
Accordingly, the Dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, dropped from today's opening level of 77.05 to currently trade at 76.83 recording its highest level at 77.18 and its lowest at 76.59.
Gold prices picked up on mounting concerns over Europe's debt crisis, reaching $1798.36 per ounce from the opening price of $1792.88. Oil gained slightly as well to reach $96.00 after opening at $95.74 per barrel.
The Euro pared its solid gain against the US dollar today after opening at $1.3759 as the EURO/USD currently trades around $ 1.3821, while recording a high of $1.3847 and a low of $1.3723. The pair is expected to trade within the key support level of $1.3380 and key resistance level of $1.4390.
The British Pound rose against the dollar today, where the pair is currently trading around $1.6107 after opening at $1.6063 levels, while recording a high of $1.6129 and a low of $1.6034. The pair is expected to trade within the key support level of $1.5720 and the key resistance level of $1.6165.
Moreover, the Greenback fell before the Japanese Yen at today's trading, after the USD/JPY pair started trading at ¥78.07, while recording the high of ¥78.06 and a low of ¥77.59 to currently trading at ¥77.74. Meanwhile, the JPY/USD pair will be trading within the ¥77.20 support level and ¥79.55 resistance level.