Pairs consolidate after a considerable weak dollar . . . . . . . . . . . . Currently throughout the US session the major pairs along with the dollar and the yen are consolidating so far mainly on pure technical and correctional after the dollar dropped to a one-month low against its major peers after the Federal Reserve said it will keep interest rates near zero for a “considerable time.” In fact yesterday the Federal Reserve reduced its outlook for economic growth and held its target for short-term interest rates at almost zero. Plus the Federal Reserve Chairman Janet Yellen said the U.S. economy is rebounding and is continuing to progress towards the central bank’s goals, shortly after the Federal Open Market Committee announced a reduction to its asset purchases program to $35 billion. Now the euro is presently narrow trading on the four and one-hour charts as a result of the current technical movements sending in fact the EUR/USD pair to trade up around $1.3615 while recording the highest level of $1.3644 and lowest level of $1.3585, knowing that the pair may incline but slightly as mixed signs are seen throughout the four-hour and one-hour momentum indicators. As for the British Pound, it is also consolidating on these correctional movements driving the GBP/USD pair to trade around $1.7041 while recording the highest level of $1.7063 and lowest of $1.6985 and is most probably going to remain at consolidated levels as mixed signs; buying and selling, are also witnessed at several time scale within the stochastic oscialltor. Finally, as a result of mixed signs and a weak dollar witnessed throughout the momentum indicators at different time charts the USD/JPY pair is falling slightly to trade around ¥101.89 while recording the highest level of ¥102.00 and lowest levels of ¥101.74. #egyptyard
Posted on: Thu, 19 Jun 2014 17:50:49 +0000
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