Dollar strength remains spotted after jobless claims and manufacturing data [ICN.com Financial Markets]
(ICN.com Financial Markets Via Acquire Media NewsEdge) Throughout the US session today the green Benjamin managed to gain strength up till now mainly on optimism sensed after that a report today showed that a report showed that the manufacturing conditions on the U.S. soil enhanced above what was projected by the market for the month of December. The headline index rose to 57.0 in December from November's 57.3; above the market predicted reading of 56.8, keeping in mind of course that a reading over 50 indicates more manufacturers are expanding instead of contracting. The increase in the index suggests that the pace of expansion in the American manufacturing sector is so far at a stable gradual pace and that expansion within this market remains spotted and accordingly continues on supporting the country's growth. On the other hand another report showed that first-time jobless Americans asking for benefits dropped by 2,000 in the week ended December 28 to 339,000 from a revised of 341,000, compared with median forecast of 344,000. As a result the euro fell against the dollar and remains on plunging slightly to the downside on the four and one-hour charts as a result of the current technical movements and strengthened dollar sending in fact the EUR/USD pair to trade around $1.36608 while recording the highest level of $1.3748 and lowest level of $1.3630, knowing that the pair may start to rise as shown on the four-hour momentum indicators. As for the British Pound, it is also declining on correctional movements and pulled by a stronger Benjamin driving the GBP/USD pair to trade around $1.6436 while recording the highest level of $1.6586 and lowest of $1.6411 and is most probably going to stay at this low level as witnessed at several time scale within the stochastic oscialltor. Finally the USD/JPY pair is climbing to the upside around ¥104.62 while recording the highest level of ¥105.44 and lowest levels of ¥104.55 but is highly projected to show a strong drop to the downside according to the one-hour stochastic oscillator.
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