The Dollar Falling on Believes the Asian Currencies May Rise |
The dollar fell today against majors on believes some Asian countries might witness a rise in their currencies’ values if the central banks decide to raise rates in order to mitigate inflation, especially the Chinese central bank. On the other hand, all markets will shift their attention today towards the South Korean capital, Seoul, where the G20 meeting will take place, especially since the US and Canadian markets are absent for holiday, while Europe will lack any important fundamentals.
The euro was almost flat during today’s Asian session against the dollar yet with an upside bias, trading around the level 1.3770, recording the highest at 1.3820 and the lowest at 1.3756. On the other hand, the pair faced a support at 1.3720 that contributed into ending the downside movement of the pair. The daily momentum indicators show the pair in an oversold area, while the four hours indicators show the pair heading towards an overbought area, which limited the pair’s movement.
The pound rose today against the dollar recording a high of 1.6170 and a low of 1.6104. Now the pair trades around 1.6137 and now it faces a resistance at 1.6180. The daily momentum indicators give buying signs.
The yen moved within tight ranges against the dollar during the Asian session, recording a low at 82.02 and a high at 82.27. Now the pair trades around 82.23, facing a resistance at 82.50. The daily and four hours momentum indicators show the pair in an overbought area, yet the chances for an upside movement remain valid.
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