The world's leading currency, rose on the daily scale where inflation reports from the US along with income and spending reports captures investor's attention. Inflation to remain subdued and income and spending to rise in the month of November, according to market estimates, which places pressures on the dollar to rise and commodities to decline due to the inverse relationship between both.
The dollar rose on the daily scale ahead of the release of the news, where it traded at the US dollar index, which tracks the performance of the dollar against six-majors, at 80.63, compared with the opening levels of 80.57 where it sank to a low of 80.33 and set a high at 80.69 earlier today.
The euro-dollar pair traded lower, after failing to breach the resistance at 1.3120, accordingly, the pair retreated to trade at 1.3064 while setting a high of 1.3150 and a low of 1.3055. The pair's trading in an oversold areas on the stochastic oscillator, which places upside pressures on the pair to rise as a correctional move.
Today's trading is bounded by the support at 1.2970 and the abovementioned resistance.
The pound traded higher today, at 1.5400, compared with the opening levels of 1.5383, while setting a high of 1.5434 and a low of 1.5371.
The pair attempts to build a strong base above 1.5400, which supports the upside correction, targeting 1.5450 and 1.5500. Failing to remain above 1.5315 would diminish these expectations.
The yen traded lower for the fourth-consecutive day, at 83.24, while setting a high of 83.57 and a low of 82.84, compared with the opening levels of 83.53.
The bearish trend appearing on the pair's trading is gradually nearing from the intraday ascending channel's support around 83.25. Stochastic is giving off positive signs; accordingly, a bullish intra-day trend is still valid,which majorly depends on the breach of pivotal resistance 83.25.
Breaching those levels and maintaining a daily closing below it, paves the path for the pair to target 82.80 and 82.65.