The USD witnessed a steady depreciation against most of its major currency counterparts during the morning trading session. The Dollar is currently trading lower against the GBP by nearly 90 pips at 1.6570. It is also trading lower against the EUR and JPY, as investors remain wary of making big bets in favor of the Dollar these days.
Crude Oil Prices have been steadily recovering from a plunge during the early trading hours when prices reached a low of $68.50 a barrel, slowly reaching back to the $70 level. However, as was evidenced in the past few days, Oil has great difficulty supporting prices over $70, despite a weak dollar and equity gains; therefore, trading is expected to remain volatile above and below the $70 price range as the market continues to search for the true value of Crude Oil Today is a quiet news day for the U.S. as there are no major economic data releases on the calendar today. However, Britain and Japan appear to be releasing the bulk of today's news, which means we may see a day of trading with low liquidity and therefore increased volatility. Day-traders can take advantage of these intense trading days by swinging within the larger-than-normal price fluctuations.
