Reported by: Eric crwenewswire Mideast correspondent
The US dollar remained bearish in overnight market against its major counterparts. Trading was slow as major traders in Europe maintained mixed sentiments and were looking forward to Friday and the release of the next US employment data. Most of the traders avoided taking a new position which resulted in a tight range of trading. The EUR/USD pair traded around the 1.3260 and later dropped further defining its new support level at 1.3100.
The Pound Sterling also declined in overnight trading activity due to lower than expected industrial production and manufacturing data.
Further rumors of an expected tightened monetary policy by the Bank of England before 2011 created more uncertainty resulting in a drop of the Pound sterling. The new support for GBP/USD pair is defined around 1.5685 to 1.5710 levels.
Monetary policy easing by Bank of Japan also rumored in case the US dollar moves by 3 or 4 Yen in one day. USD/JPY pair traded around the level of 84.80 in the overnight market.
Swiss franc stood strong against US dollar however the pair USD/CHF was supported around 1.0300 on positive news of a fall in the Swiss unemployment rate.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!
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