With the start of this new week, the flow of pessimist and negative data is seemingly not coming to an end. Moody's issued yet another threat for the United States and the United Kingdom as their risk of losing the AAA rating is growing by day, while on the same matter the upbeat expectations for the EU finance ministers meeting seemingly evaporated as markets see now they will not reach a deal on Greece.
All this negativity prevailing in the market provided the dollar with further edge to continue its bullish wave versus majors even extending the gains against the Japanese yen. The data from the United States were positive opposed to the ongoing downbeat vibe that is covering the European continent which managed to push the dollar further.
The euro declined versus the today from the highest recorded at 1.3775 to set the low at 1.3662. The pair is currently trading among the support at 1.3645 and the resistance at 1.3715 with a clear downside bias and the hopes are for the mentioned support to halt the downside move. Jitters are extending further as the euro area finance ministers are about to go behind closed doors discuss the Greek outlook.
The risk of a credit downgrade for the United Kingdom alongside weak housing data added strong bearish pressures on the royal pound today to extend its losses versus the dollar. Sterling declined from the highest recorded at 1.5206 to reach the low of 1.5017 and the downside pressures are still seen amid a dollar buying wave. The pair is trading currently among 1.5020 support and 1.5130 resistance with a clear downside bias.
Despite that the yen gained upside momentum on the back of the decline across equity markets, yet the dollar continues to dominate all pressuring the pair to trade amid a very tight rate among 90.50 and 90.79. The pair is currently trading among 90.35 support and 91.30 resistance amid high volatility yet in a tight range which so far is seemingly biased in favor of the dollar.