Forex: Dollar rises back to pre-ISM levels on falling stocks

Mon, Nov 2 2009, 18:52 GMT
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FXstreet.com (Córdoba) – Most stocks in the U.S. are now in the negative side. Equities failed to hold to gains and started to fell helping the Dollar that is back at the same levels it had before the release of ISM data. EUR/USD trades below 1.4750 and is heading toward a support zone at 1.4730. GBP/USD failed to consolidate above 1.6400 and now trades at 1.6360/63, 0.30% below today’s opening price.

The Yen and the Dollar rose across the board in the last hours. Greenback recovered and now is at the same levels it had at the beginning of the American session. Currencies tied to commodities pulled back from the highs of the day and now are fighting to hold moderate daily gains.

EUR/USD hovers around 1.4750, 0.20% above today’s opening price. The pair pulled back sharply after reaching at 1.4845, the highest price of the day. GBP/USD is moving with a downside bias after the pair failed to consolidate above 1.6400.

The Yen is pulling back from the lows of the day across the board. USD/JPY rebounded at 90.70 and fell to 90.15. Currently trades at 90.35, 0.76% above today’s opening price. GBP/JPY topped at 149.00 and rebounded sharply to test levels below 148.00. EUR/JPY trades at 133.15/20 after posting a fresh intra-day high at 134.50.

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