Fluctuating against major currencies, the dollar experienced the longest losing streak in almost 2 years, after the the euro posted some gains on its 4th week against the greenback. The movement of the dollar in the forex trading market is spurred by larger US job cuts, which may prompt the Fed Reserve to buy more debts. The EUR/USD traded at a high of 1.3984 and a low of 1.3832. The momentum is bullish as long as the pair trades beyond 1.3850.

The British pound also strengthened versus the dollar. Many investors went for the British currency after news of the poor economic data from the US came out and the Bank of England set the bond holdings target at 200B pounds. The GBP/USD pair reached a low of 1.5823 and a high of 1.5966. The pair is still trying to breach the 1.6000 resistance level. Once it goes beyond this mark, the uptrend for the pair will continue.

After touching an 8-month high versus the dollar, the euro sustained the same strong level. The strength of the euro is bolstered by Germany’s Industrial Production, the results of which increased thrice the 0.4% forecast at 1.7%. Despite fears over the economic outlook in the euro zone, the European Central Bank’s main interest rate remained fixed at 1% for 17 straight months. The EUR/USD pair remains bullish. A long position is recommended as long as the pair trades beyond the 1.3800 level. The EUR/USD pair reached a high of 1.4029 and a low of 1.3857.

Following the footsteps of the euro, the British pound also reached an 8-month high against the dollar. The Bank of England also has one of the lowest interest rates at 0.5%. Unlike other countries, it didn’t resort to buying more bonds just to support the economy. As long as the price reaches beyond the 1.575 level, the GBP/USD remains in a bullish momentum. The forex trading pair recorded a high of 1.6018 and a low of 1.5826.

The yen also recorded a 15-year high versus the dollar, amidst Fed Reserve’s plan of easing the monetary policy to bolster the US economic recovery. With a negative trend pulling the USD/JPY pair, it is still a bearish momentum for the dollar. The USD/JPY traded between 82.11 and 83.03.

After falling across the board, the poor economic data didn’t help boost the US dollar. Once again, it fell against many forex trading currencies in the market because of the negative data from ADP Nonfarm Payrolls, which dropped from 23k forecast to -39K. Also contributing to the decline of the dollar is the advancement of some of the commodities following the positive data on Crude Oil Inventories. The stock markets closed with mixed results. While NASDAQ fell by 0.80%, Dow Jones was able to move up by 0.21%. Crude oil jumped to $82.58 per barrel, reflecting a 0.5% gain, while the price of gold continued to climb to a new high of more than $1,349. After increasing by 0.65%, gold closed at $1,347.90 per ounce.

Efforts to support recovery led to the euro reaching an 8-month high against the dollar. This movement is highly influenced by speculations that, along with the Bank of Japan, the Fed Reserve will also increase government debt purchases. In the end, the EUR/USD traded at a high of 1.3948 and a low of 1.3798. Cutting short its rally for the past few days, the British pound declined versus the dollar. The GBP/USD reached a low of 1.5832 and a high of 1.5940.