Greenback gain against the main currencies after Moody Investor Services announce about potential future downgrade of Spanish debt due to increasing need for future funding in the capital markets. Also, receiving US Dollar support from positive economic indicators this week, as traders start to think that continuation of positive data might be a good sign for future interest rate hike. Now trader Dollar at 1.3240 against the Euro, at 84.10 against the Yen and at 1.5590 against the sterling. British pound lost most of his momentum due to increase in unemployment rate to 7.9% the highest level since April. Today will focus investors on busy economic calendar; UK Retail Sales for November, US Housing Starts, Philadelphia Fed Manufacturing - general business conditions at 13:30 GMT and Swiss National Bank Rate Decision. Improving economic US data might bring back new Dollar buyers, but a strong support of 1.3220 ( EUR/USD) has to be broken in order to see a clear trend down.
Technical Levels
EUR/USD
A strong support from beginning of December looks at 1.3200. A close below this level will bring 1.2970 in to the picture. MACD negative with more room to extend. RSI at his oversold levels but not really showing strong signs for turning up.
USD/JPY
A pair still has a problem to break 84.40 resistance levels – a break might point on a bullish move to 85.90. MACD start a foundation of a bearish cross. RSI at his overbought levels.
GBP/USD
MACD turning from negative levels after bullish cross. RSI also turning up from oversold levels. Next important support at 1.5480
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