Dollar Loses Slightly Against Major Currencies

Dollar Loses Slightly Against Major Currencies
The U.S. dollar was rather stable against its major counterparts in today’s trading, where the U.S. dollar plummeted slightly after the G20 announced they will avoid currency devaluation, while speculations mounted in markets that the Fed will undertake quantitative easing in their upcoming meeting next week.
Moreover, data from the housing market proved to be better than median estimates, where the existing home sales rose in September by 10.0%, while the rally in stock markets continued amid rising optimism among investors over the outlook for companies’ earnings.
The U.S. dollar index, which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, rose slightly to trade at 77.07, compared with the opening level at 76.99, while recording the highest today at 77.36 and the lowest at 76.71. Gold prices slightly rose to trade at $1335.22 an ounce, compared with the opening level at $1333.83 an ounce, while oil prices slightly declined to trade at $81.86 a barrel, compared with the opening level at $82.07 a barrel.
The Euro slightly rose against the U.S. dollar, where the EUR/USD pair is trading now at $1.3969, compared with the opening level at $1.3960, while recording the highest at $1.4080, and the lowest at $1.3954. If the pair manages to rise above $1.4080 targets will be set at $1.4250, nevertheless, so long as the pair remains below this level, the target will be the support level at $1.3880.
The British Pound rose against the U.S. dollar today, where the GBP/USD pair is trading at $1.5737, compared with the opening level at $1.5683, while the pair recorded its highest today at $1.5772, and the lowest at $1.5677. the pair is facing a support at $1.5700, however, a confirmation is still needed, since the pair is expected to head towards the $1.5835 resistance level, while breaching this resistance would open the way for the pair to rise towards the $1.6235 level.
Finally, the U.S. dollar declined against the Japanese Yen, where the USD/JPY pair is trading at 80.69, compared with the opening level at 81.28, where the pair recorded its highest at 81.32 and the lowest at 80.41. the pair is expected to continue its downside wave so long as it continues to trade below the resistance level at 81.00, while the target is set at 79.60, and only closing above 82.15 would change the pair’s direction from downside to the upside