Problems in Europe continue to affect Forex rates
Tuesday, February 9th, 2010On February 5th, the US dollar gained across the board once again, except against the Japanese yen.
The NASDAQ gained by 0.74%, while the Dow Jones gained by 0.1%. Gold remained unchanged at $1,065.6 per ounce, while crude oil dropped to $71.19 per barrel, a -1.71% change from the previous value.
Economic problems in certain European countries continue to affect forex rates.
The economic problems in Greece, Portugal, and Spain are still proving to be a huge concern as investors continued to sell the euro.
The RSI indicator shows that the major trend for the EUR/USD pair is downward as it is currently being oversold.
Corrections may be in store for the pair, but overall it traded at a high of 1.3746 and a low of 1.3585 on February 8.
As investors turn to risk aversion strategies, the yen has gained versus the dollar, pound, and euro. The USD/JPY pair is currently going downward, trading at a high of 89.89 and a low of 88.83.
The pound dropped to its lowest in eight months against the dollar. The PPI came out to 2%, non-farm employment changes came out worse, and again investors are turning to risk aversion.
The GBP/USD pair traded at a high of 1.5775 and a low of 1.5558.
