Traders aimed for high yielding assets in their investments today moving away from the US Dollar in spite of the fears formulating the future outlook for the Euro Zone and Japan. Japan has been downgraded to the third largest economy after China beating it for the silver medal.
The Euro reversed its early slump to currently advance versus the US Dollar as the US economy released some disappointing data, the Empire State Manufacturing index for the month of August grew by 7.1 continuing the previous climb of 5.08 yet did not reach the expected 8.00. Also Total Net TIC flows which measure the flow of financial investments in and out if the US Plunged during June from the revised $17.1 Billion to -$6.7 Billion.
The Dollar index which measures the USD's performance versus six major currencies climbed from today's opening level of 82.80 to currently trade at 82.36 recording its highest level at 83.02 and its lowest at 82.24. Gold prices climbed reaching $1223.75 per ounce from the opening price of $1215.05. Oil slightly fell reaching $75.29 after opening at $75.59 per barrel as a result of concerns suggesting a global slowdown.
The Euro/Dollar pair climbed up to this moment, to trade above the opening level of $1.2755 at $1.2834 recording an intraday high at $1.2871 and a low at $1.2731, the pair broke the $1.2830 resistance level and technical analysis suggest the pair is heading towards resistance levels at $1.2880 while support levels remain at $1.2800.
The Sterling/Dollar pair also climbed today, to trade above the opening level of $1.5604 at $1.5669 recording a high at $1.5700 and a low at $1.5532. If the pair remains above $1.5615 level, support levels will remain at $1.5410 and resistance at $1.5705 and the pair would move in this range.
The Dollar/Yen pair fell during today's trading to trade below the opening level of ¥86.10 at ¥85.30 recording a high at ¥86.22 and a low at ¥85.19, the pair is believed to continue falling until it reaches support levels at ¥84.70 while resistance levels remain at ¥85.20, yet if the pair remains above ¥85.20 it is expected to climb.