Currency pairs have been quiet during the Asian session, with the dollar weakening slightly against the other major currency pairs. Activity will pick up as the European session gets into full swing and we head toward the U.S. open
The Euro (Eur/Usd) has strengthened since the start of the new trading day, gaining approximately 40 pips and trying to break above the 1.4750 level. Activity in the pair will likely increase as we head into the final European session of the week and traders anticipate the release of euro-zone CPI estimate and the unemployment rate.
The Swissy (Usd/Chf) has moved lower as the dollar weakens slightly in the broad market. The swissy, which is a good indicator of dollar strength/weakness, has dropped 30 pips since the new trading day began and is currently testing the 1.0950 level.
The Cad (Usd/Cad) enters the European session unchanged from where it began the new trading day after gaining approximately 50 pips yesterday. Oil prices dropped, hurting the Canadian dollar, after the IEA said it would tap strategic stockpiles if Tropical Storm Gustav damages production facilities in the Gulf of Mexico. The pair is trying to move higher but the 20 day simple moving average is proving to be strong resistance.
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