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The dollar gained strength on Tuesday
By: iForex - 12-03-2008
0votesThe dollar gained strength on Tuesday after the U.S. Federal Reserve announced new measures to inject liquidity into the financial system, easing investor's concerns about a deepening credit crisis and a U.S.recession. The dollar rebounded from lows against the euro, yen and the Swiss franc following the announcement of the measures, and many traders are eyeing an extension of this reversal as political pressure mounts in Europe to halt the overvaluing of the euro.
Datawise, Industrial Production is out in Europe today (10:00 AM GMT, followed by the U.S. Treasury Budget later in the evening (06:00 PM GMT). Retail Sales numbers will be published in New Zealand at 09:45 PM GMT.
Euro | Japanese Yen | British Pound
Euro
The EUR/USD opened in Asia around $1.5335 after reversing lower from a fresh all-time high at $1.5496. The Fed liquidity package news resulted in the liquidation of many EUR/USD long positions, but after reaching a low of $1.5333 early in the trade, the pair climbed higher for the rest of the session, trading up to $1.5362.
Support: 1.5330, 1.5250, 1.5150
Resistance: 1.5440, 1.5460, 1.5500
Euro | Japanese Yen | British Pound
Japanese Yen
USD/JPY traded down in the Asian session, as the Nikkei shaved of some of its early gains, strengthening the yen. After reaching an overnight high of ¥103.60 the pair broke below ¥103, and traded in a ¥102.83 -¥103.53 range throughout the session.
Support: 101.40, 101.00, 101.20
Resistance: 103.50, 103.80, 104.30
Euro | Japanese Yen | British Pound
British Pound
The GBP/USD opened the Asian session at around $2.0075 after a volatile NY session that saw the pair rise above $2.0200 only to fall back to $1.9985 after the Fed emergency package news was released. The pair moved higher to around $2.0119 during the session, before continuing to rise to as high as $2.0149 early in the London trade.
Support: 2.0100, 2.0050, 2.0000
Resistance: 2.0180, 2.0250, 2.0280
Euro | Japanese Yen | British Pound
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