Investors sought low yielding assets as a safe investment throughout today's trading session where the U.S. economy presented mixed data about the performance of the economy along with the labor sector that continue to seek stability amidst the current economic conjuncture, accordingly, investors targeted the dollar as a safe investment while demand damped on commodities and risky investment such as equities.
The U.S. dollar index rose on the daily scale, reaching 87.25, compared with the opening levels of 86.47, where the index reached the highest at 87.25 and the lowest at 86.30, meanwhile, gold sank heavily to trade at $1206.27 an ounce, compared with the opening levels of $1223.35 an ounce, meanwhile oil descended to trade at $72.92 a barrel, from the opening levels of $73.70 a barrel.
As for trading, the euro-dollar pair extended its drop, to return to trade near four-year low levels as it's currently trading at $1.2167, compared with the opening levels for today that were set at $1.2249, while it managed to reach the highest levels today at $1.2326 and the lowest at $1.2150. Expectations show that the pair will descend further as it managed to ensure a four-hour closing below $1.2175 which pave the path for the pair to descend further to target $1.2135 and $1.2100, but the previously mentioned levels must remain intact in order for these expectations prevail
Moving to the Royal currency, the pair dropped on the daily scale to trade at $1.4603, compared with the opening levels of $1.4651, where it managed to reach the highest levels today at $1.4741 and the lowest at $1.4584. The is projected to rise further, targeting $1.4730, due to the positivity of the stochastic, but the pair will descend towards $1.4590 in order to build a strong base to ascend and achieve those targets, noting that a clear breach for $1.4530 will weaken the pair's chances of a bullish movement.
Finally talking about the dollar's performance against the Yen, the USDJPY pair traded higher from the opening levels of 92.34 as it's currently trading at 92.46, the pair managed to reach the highest levels today at 92.47 and the lowest at 92.32. A bullish direction is expected today in an attempt to reach the key targets between 93.60 - 94.00, which require the daily closing above 91.50 to prevail