So far the current economical conjuncture of the world's leading economy along with its gloomy data sucked out of the strength of the dollar, knowing that manufacturing activities in New York and Philadelphia expanded really slowly his year, having the Empire Manufacturing for July coming in at 5.08 from 19.57, while the country's producer prices plunged and yesterday's FOMC members outlined that the overall recovery tempo has slowed down at a moderate pace throughout the second quarter.
Accordingly, the dollar index, which tracks the strength of the green Benjamin in front of a basket of currencies, is plummeting on several time scales as a result of these fears and present economic conditions of the superpower to trade so far around 82.57 recording a high of 83.50 and a low of 82.49.
As a result, the euro-dollar pair is rising currently to the upside throughout the currencies update as the green Benjamin dropped to a two-month against the Union currency, having the euro trading at $1.2900 recording a high of $1.2917 and a low of $1.2706 with a resistance at 1.2975 and a support at 1.2680, having in mind that the pair may start to plunge according to the one-hour and four-hour stochastic oscillator.
Plus, due to the strong weakening of the dollar, the pound-dollar remains on inclining so far but may start to plummet as well as the euro-dollar pair according to the four-hour momentum indicators, having the royal pound trading around $1.5383 recording a high of $1.5393 and a low of $1.5233 with a resistance seen at 1.5475 and a support at 1.5200.
As for the dollar-yen pair, it is narrow trading so far between a resistance level witnessed at 89.15 and a support level seen so far at 86.95, knowing that the pair may climb to the upside according to the one-hour chart momentum indicators, having the pair now trading at 87.49 recording a high of 88.49 and a low of 87.21