The USD went down versus the forex trading majors as it was speculated that the purchases of government debt will be kept by the FED. As for the stock markets, NASDAQ and Dow Jones went up by 2.36% and 1.8% respectively. Crude oil also posted gains by more than 1.5%, landing at a rate of $82.70 per barrel. Gold reached a new high and exchanged at $1,340 per ounce, which reflected a 1.8% increase. As for the ADP Nonfarm Employment Change, it is speculated to increase from the previous -10k to 18k. The ISM Non-Manufacturing Index posted better results at 53.2 versus the anticipated 51.8.

The pound was able to post gains versus the dollar and traded between 1.5750 and 1.5928. After exceeding the resistance level of 1.38, the euro was able to post an 8-month high versus the USD. This was amidst negative Retail Sales data, which resulted at -0.4% against the anticipated 0.2%. The EUR/USD forex pair traded between 1.3636 and 1.3858.

With profit taking and overbought conditions controlling the forex trading market movement, the euro fell against the dollar. In euro’s case, it also didn’t help that the PPI fell to 0.1%, compared to the 0.2% forecast. The EUR/USD reached a low of 1.3643 and 1.3802. The currency pair is expected to decline further if they fall below the 1.3720 resistance level.

While the euro lost its steady ground versus the dollar, the British pound pushed through with its rally. It traded in a narrow range, around the 1.58 level, with the GBP/USD trading at a high of 1.5867 and a low of 1.5746. The currency pair might fall further if they trade below the resistance level of 1.5880.

The USD/JPY also didn’t move much, as it traded around the 83.5 level. The USD/JPY reached a high of 83.85 and a low of 83.16. As the pair breached the 84.20 support level, the dollar is on a negative momentum. Meanwhile, the US dollar was able to post gains versus the Canadian dollar, with the USD/CAD pair trading at a high of 1.0243 and a low of 1.0178.

As signs of debt issues in the European zone resurfaced, the euro went down a bit versus the dollar in the forex trading market. Proof of the persistent debt problems are the reduced asset demands from Portugal and Ireland. However, as long as the EUR/USD pair trades beyond the 1.3350 level, the preferred option is a long position. The momentum for this pair is still bullish, with the EUR/USD exchanging at a high of 1.3506 and a low of 1.3425. The German Prelim CPI is anticipated to go down to -0.2% from 0.0%.

As for the pound, it remained almost unchanged versus the dollar. As long as the GBP/USD pair trades beyond the 1.5750 level, the momentum will remain bullish. The GBP/USD pair exchanged at a high of 1.5867 and a low of 1.5787. Against the dollar, the yen exchanged with a small range since there were no important data to influence the USD/JPY pair. The USD/JPY pair exchanged at a high of 84.37 and a low of 84.11.