IBT: Euro rise, pound fall but the dollar extends its drop
Bearishness struck the dollar as investors continue on speculating that the Federal Reserve will introduce a second round of stimulus measures during the upcoming meeting in November.
The US dollar index fell on the daily scale to trade at 77.08 compared with the opening levels of 77.33, where it managed to reach the highest at 77.47 and the lowest at 76.84.
The euro gained against the dollar after the manufacturing sector reported a rise above expectations during the month of September.
The pair is projected to extend its rise to $1.45 in the upcoming six months, as speculated by Deutsche Bank AG. The currency's appreciation over the past period had little effect on the manufacturing sector in the Euro Zone, accordingly the pair ascended to trade at 1.4014 on the daily scale, compared with the opening levels of 1.3962.
Trading range for today will be bounded by the support at 1.3891 and the resistance at 1.4159.
The pound fell following the release of Spending Review yesterday, where it opened today's trading session at 1.5836, where it dropped to currently trade at 1.5774. The pair reached the highest at 1.5848 and the lowest at 1.5725.
Trading range for today will be among the key support at 1.5730 and the resistance at 1.5865.
As for the yen, it traded slightly lower at 81.00, compared with the opening levels at 81.09. The pair reached the highest at 81.81 and the lowest at 80.90.
The pair's trading is bounded among the key support at 80.40 and the resistance at 81.85.