The Dollar Libor rates rose for the first time in three days, spurred by financial institutions' risk aversion of lending, as Greece's debt problem continue to curve economic recovery, raising speculation that global recovery will stall. Meanwhile, the U.S. economy released better than expected housing data, showing that pending home sales rose for the third consecutive month by 6.0 percent, compared with market expectations of 5.0 percent, driving investors to target risky investment such as stocks and higher yielding assets, while damping demand on metals. Oil ascended.
The U.S. dollar index dropped on the daily scale, reaching 86.75, compared with the opening levels of 86.89, where the index reached the highest at 87.17 and the lowest at 86.61, meanwhile, gold retreated to trade at $1221.40 an ounce, compared with the opening levels of $1225.25 an ounce, while oil ascended to trade at $73.81 a barrel, from the opening levels of $71.88 a barrel.
As for trading, the euro-dollar pair trimmed its losses that were acquired throughout yesterday's trading as it's currently trading at $1.2261, compared with the opening levels for today that were set at $1.2227, while it managed to reach the highest levels today at $1.2273 and the lowest at $1.2173. Expectations show that the pair will descend further if it managed to obtain a four-hour closing below $1.2175 levels, which will pave the path for the pair to target $1.2000. A breach of $1.2360 diminishes the changes of a bearish trend.
Moving to the Royal currency, the pair rose on the daily scale to trade at $1.4668, compared with the opening levels of $1.4645, where it managed to reach the highest levels today at $1.4769 and the lowest at $1.4551. The pair breached the resistance at $1.4530 that paved the path for the pair to target $1.4737 levels, but for these expectations to prevail, levels at $1.4530 must remain intact.
Finally talking about the dollar's performance against the Yen, the USDJPY pair traded higher from the opening levels of 92.09 as it's currently trading at 92.13, the pair managed to reach the highest levels today at 92.2 and the lowest at 92.09. The pair is projected to descend and target 91.45 due to the negative signs provided by the Stochastic Oscillator. Achieving these targets requires trading to remain below 92.50.