With the absence of trading volumes which we are accustomed to in the U.S session, majors are trying to seize the opportunity and race to the upside versus the dollar which did weaken. The dollar index dropped to its lowest today at 80.16 before it resumed to settle near Friday's closing areas around 80.28.
With the lack of moving data from the Europe today, the euro was trading weakly versus the dollar, burdened by the ongoing Greek debt woes. The pair settled to trade among 1.3577 and 1.3633 and trading was generally among 1.3580 support and 1.3635 resistance without any clear signals for further euro advantage over the dollar!
Meanwhile, the UK housing data that showed continued rise in house prices supported sterling versus the dollar with the beginning of trading today before it settled in neutral areas with some downside bias. Sterling trading among 1.5610 support and 1.5719 resistance and attempted to head higher yet all failed in taking the pair above 1.5765, the most important resistance over intraday basis for today. Currently, the pair is testing areas near 1.5650 support in hopes to attempt heading to the upside once again.
Today's trading was biased to the Japanese yen, where the USDJPY pair traded among 89.90 and 90.22 and currently trading near its lowest levels for the day. The support at 89.75 is considered the most important today where trading generally was weak, while the resistance at 90.30 seems far against this weak movements.
It seemingly was as if investors were hesitant in betting against the dollar for this week, where as the European session nears its end and with the absence of American Markets today, trading is weakening again and the betting is slimming against greenback; investors shunned risk and head to the safety of the haven, as gold managed to indeed benefit and clearly resemble the shaky sentiment in the market as it advanced today towards $1100.00 per ounce.