USD Lost Ground

Daily Forex Fundamentals | Written by Crown Forex | Sep 12 08 07:38 GMT |

The greenback lost momentum in the markets as oil prices gained reducing the appeal of the greenback in the markets. Investors hedged in the crude markets against inflation and a weak dollar. Today is a big day for the U.S. economy as they will be releasing data concerning retail sales and PPI which will either keep the dollar falling or help the currency pick up on its losses.

The euro is gaining versus the greenback based on correctional movements as the pair could not break the support of 1.3900 before reversing its wave and trying to climb to the resistance of 1.4055. The EUR/USD is currently trading at 1.4046 while recording a high of 1.4055 and a low of 1.3972 as on a daily basis the pair is still oversold in the markets.

As for the pound also like the euro is rising past the USD due to correctional movements in the market as the pair could not breach the support of 1.7465 before rebounding to try and reach the resistance of 1.7705 yet struggling as the UK economy lacks major fundamental data that would help the currency further extend gains. We already know that the UK economy is at a peak of a recession which is the main idea behind a deteriorating pound. The GBP/USD is traded at 1.7642 while recording a high of 1.7658 and a low of 1.75550.

Currently in the markets we are seeing carry trades as investors buy higher yielding assets and sell low yielding assets like the yen, due to this, the yen is weak in the markets. The USD/JPY is traded at 107.48 between the support of 107.15 and the resistance of 107.85. The pair recorded a high of 107.62 and a low of 107.01.

Crown Forex

disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.