A slight wave of optimism is spreading through financial markets on Tuesday, where the U.S. dollar was little changed against major currencies, after concerns over the outlook of the European debt crisis eased on speculations that Greece won't be forced to restructure its debt, moreover, rising trade surplus in China also boosted confidence earlier today, while commodity prices continued to recover some of last week's losses, which weighed down on the U.S. dollar.
The U.S. dollar index, which tracks the performance of the U.S. dollar against a basket of six major currencies, was little changed to trade at 74.74, compared with the opening level at 74.76, while recording a high of 75.00 and a low of 74.56. Gold prices were slightly higher to trade at $1514.72, compared with the opening level at $1511.14 an ounce, while oil prices rose to trade at $103.33, compared with the opening level at $101.91 a barrel.
The Euro was slightly lower against the Dollar, where the EUR-USD pair is trading at $1.4353, compared with the opening level at $1.4368, while recording a high of $1.4395 and a low of $1.4270. The pair is now trading above the $1.4340 support level, and so long it remains above this level, we should expect more upside movement and the target then will be the $1.4455 resistance level, however, if the pair drops below $1.4340, the next target will be the $1.4265 support level.
The British Pound declined as well today against the U.S. Dollar, where the GBP-USD pair is now trading at $1.6344, compared with the opening level at $1.6406, while the pair recorded a high of $1.6417 and a low of $1.6323. The pair is now trading below the important level at $1.6455 and so long it continues to trade below this level, the next target is set at $1.6300, however breaching the $1.6455 level to the upside would send the pair to the $1.6525 resistance level.
The U.S. Dollar rose against the Japanese Yen, where the USD-JPY pair is now trading at ¥80.73, compared with the opening level at ¥80.17, which was the lowest level today, while recording a high of ¥80.88. The pair is now trading below the ¥80.75 resistance level, which suggests that the way is open to reach the ¥79.00, but the pair must remain below ¥80.75 in order for this bearish scenario to continue, however, breaching the ¥80.75 to the upside would send the pair to the resistance level at ¥82.00.