The US dollar soared supported by the US housing data

  @ibtimes on September 17 2009 10:05 AM

The Dollar was able to compensate some of the losses it faced in the earlier trading session; where the United States continues toshow signs of improvement in many sectors, especially the housing sector showed today signs of increased activity, which gave some support to the green currency to rise against a basket of major currencies.

The Housing Starts increased to 598 thousandin August, while the building permits rose to 579 thousandin August, this shows that recession in the US housing sectorhad bottomed outand will start growing in the coming period.

The euro declined against the dollar during it downside wave, the euro-dollar pair declined on the daily interval and on the four hours chart, the up beat data released from the Euro Zone showed the increase of the European Trade Balance didn’t effect on the Euro and it continued declining, the pair is trading at 1.4695 levels facing the support resistance of 1.4658 levels, the pair recorded the high of 1.4768 and the low of 1.4686.

Moving to the Sterling-Dollar pair, the pair inclined in today's earlier trading, but it declined in the four hours interval after the data released from the UK showed a slump in the retail sales in August, the pair started trading today at 1.6489 levels, recording a high of 1.6567 after breaching the resistance levels of 1.6532, and then retreated to record the low of 1.6466 and being traded at 1.6481 in the mean time.

The Dollar-Yen pair inclined in the daily interval; moreover, it inclinedon the four hours interval, reflecting some of the strength the dollar gained from today's data, the pair started its trading at 90.91 levels, recorded a high of 91.64 and currently being traded at 91.38 levelsafter breaching the support levels of 91.06, and recorded a low of 90.46.

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