The euro rose against the dollar and yen today after the European confidence report and amid specualtion a European Central Bank Award of three-year loans to banks tomorrow will boost traders appetite for higher-yileding assets, includingthe 17-nation currency.
keep in mind, the dollar was supported today by the Conference Board's index of conumsumer confidence that showed February consumer confidence rose to the highest level in a year, making the dollar more appealing versus its Japanese counterpart.
The dollar index, which tracks the perforamance of the greenbackagainst a basket of currencies, including the euro, the pound and the yen, fell slightly to trade around 78.29 from the opening level of 78.26, recording a high of 78.61 and low of 78.22.
Gold Spot price rose from the opening level of $1767.65 an ounce to an intraday of $1787.68 an ounce after the dollar weakened against major. Oil contract for April Delivery consolidated around $107.96 a barrel from the open price of $107.91.
The 17-nation currency rose against its U.S counterpart, sending the EUR/USD up from the opening level of $1.3408 after recording a high of $1.3469 and a low of $1.3389 to currently trade around $1.3460. the pair is seeking to breach the key resistance level at $1.3480 while key support level remains at $1.3415.
The pound rose as well against the greenback, driving the GBP/USD up from the opening level of $1.5830 and a low of $1.5799 to record a high of $1.5900 low of $1.5799 and currently at $1.5882. The pair is testing a key resistance of $1.5880 and shoud it breach this level, the next resistance level will be at $1.5925, but the key support level reamin at $1.5785.