US dollar slipping against some currencies but gains against Euro and Pound Sterling
Reported by: Eric CRWE Newswire Middle East correspondent
The pair EUR/USD dropped to 1.2780 in overnight trading as experts define the price of 1.2900 as the pair’s psychological resistance level.
The pair USD/JPY gained 30 pips in overnight trading to 85.50 whereas US dollar jumped up substantially against the Euro and Pound Sterling reporting a gain of 50 pips against Euro and 30 pips against the Pound Sterling.
The Dollar gained against the Yen on negative news that the Japanese government may intervene to control the recent appreciation of Japanese currency.
Niels Chirstensen strategist at Nordea in Copenhagen commented, “There was a lot of speculation about whether the BoJ would hold an emergency meeting. It didn’t happen but there is still tension and nervousness about what action the BoJ could take.”
Euro also plunged by 0.1 percent to 109.75 in overnight trading and was very near its seven week low of 109.07 yen.
Crude oil prices remained above the level of $75 per barrel in Asia trading session as traders were more concerned about sluggish economic growth in the second half of 2010.
Crude oil future contract for September delivery gained 10 cents to $75.54 per barrel in New York Mercantile Exchange whereas it dropped by 35 cents to $75.42 a day before. Brent crude moved up by 33 cents to $76.80 per barrel at ICE futures exchange in London’s trading session.
Future September contracts for other commodities such as heating oil jumped up 0.17 cent to $2.027 per gallon, natural gas closed at $4.236 per 1,000 cubic feet whereas gasoline dropped by 0.76 cents to $1.954 in the overnight market.
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Tags: Australia dollar, Brent Crude, Crown Equity Holdings Inc, Crude oil, CRWE.OB, EUR/USD, Euro, Forex trading, gasoline prices, heating oil prices, Japanese Yen, JYP/USD, natural gas prices, New York Mercantile exchange, NYMEX, OTC: CRWE, overnight market, overnight trading, US Dollar, US economy
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