Despite better results for home sales, the US dollar plunged against most major currencies in the forex trading market. The weaker dollar can be attributed to the expected resolutions of the G20 summit. With a weaker dollar, the euro continued to strengthen, as Industrial New Orders came out better than expected. Over the past few days, the EUR/USD pair has had a 1.3856 support level and 1.4049 resistance level in the daily range. If the currency pair trades beyond the 1.3900 zone, then it would continue to be on a positive trend. The EUR/USD reached a low of 1.3935 and a high of 1.4079.

The British pound recovered versus the US currency after reaching its biggest weekly loss. The worse than expected Mortgage Approvals didn’t pull down the British currency, as buyers seemed to have an appetite for better yielding assets, overpowering the sellers in the end. Still, it is a negative momentum for the British pound, although the GBP/USD pair almost broke the daily moving average. The trend is still bearish, as the GBP/USD traded at a low of 1.5677 and a high of 1.5772.

Among the currency majors to post gains against the US dollar are the Japanese yen and the Canadian dollar. The Japanese yen touched a 15-year high versus the dollar, as the USD/JPY traded at a low of 80.40 and a high of 81.32. The Canadian dollar also bolstered versus the US currency to touch a weekly high. The USD/CAD traded at a low of 1.0154 and a high of 1.0258.

The G20 summit led to the US dollar’s mixed results in the forex trading market. In the Euro zone, the euro advanced versus the dollar, as the G20 central bankers and finance ministers would avert weakening currencies in order to promote exports. The EUR/USD pair traded around the 1.3900 mark over the previous week. The momentum will be positive for the euro as it trades beyond the 1.3900 levels. The EUR/USD reached a high of 1.3972 and a low of 1.3858.

While the euro rallied versus the dollar, the British pound suffered from its highest loss against the dollar in a week since August. This outcome was prompted by speculations that the G20 summit in South Korea will throw support to the dollar over the pound. For the past few days, the GBP/USD has been on a bearish trend on the daily chart. The GBP/USD traded at a high of 1.5750 and a low of 1.5651.

Following the G20 resolutions, the Japanese yen remained at almost the same level against the dollar, as the USD/JPY traded at a low of 80.99 and a high of 81.50. The Canadian dollar, on the other hand, fluctuated versus the US dollar, after hints of a weaker economic recovery. The USD/CAD reached a high of 1.0302 and a low of 1.0223.