Dollar advances after confidence data |
The greenback came back after the better than estimated US confidence data which showed improvement to 50.2 in October from the revised 48.6 while analysts expected 49.9.
However, the dollar remains under pressure before next week's Fed meeting which is expected to witness a second round stimulus to give another boost to the economy that started to show sluggishness.
The dollar index rebounded from a low of 77.03 to a high of 77.68 where it is doing attempts to breach resistance at that level.
On the other hand, the euro slipped after Mohamed A. El-Erian, Pacific Investment Management Co. Chief Executive Officer, said Greece will fall into default over the coming three years as the announced austerity measures are not sufficient to reduce the budget deficit that reached 13.6% of GDP last year.
The announcement raised concerns that despite the improvement seen recently debt woes will cause recovery to falter.
Concerning the euro-dollar pair, it is plummeted to a low of 1.3838 below 1.40 key level but after breaching strong support at 1.3890 which took the pair down to 1.3840, where it is currently trading.
The trading range for today is among the key support at 1.3720 and the key resistance at 1.4250.
Moving to the royal pair, it spiked on the daily charts but faced some downside pressure from the 4-hour and 1-hour charts which cause the pair to drop from a high of 1.5895 to 1.5857.
Today, the main boost came after better-than-estimated 3Q growth data which showed expansion of 0.8% compared with 1.2% in the second quarter, yet higher than median forecasts of 0.4%.
The pair recorded a low of 1.5688, whereas the trading range for today is among the key support at 1.5525 and the key resistance at 1.6070.
With regard to the dollar-yen pair, it managed to rebound on the daily basis to stop continue the strong downside trend that started since May.
The pair is currently trading at 81.33 after touching a high of 81.41 and a low of 80.59, while the trading range for today is among the key support at 78.65 and the key resistance at 83.85.
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