Forex | Forex | Dollar mostly down, Japanese yen extend gains (03/09/2009 00:04:00)

Dollar mostly down, Japanese yen extend gains

FXstreet.com (Buenos Aires) - Dollar enters the Asian session in a quite negative tone, mostly due to gold prices that rose more than 25 dollar in the past 24 hours, reaching $ 980.00/Oz. EUR/USD hovers just under 1.4280 resistance level, ahead of 1.4310 and stronger 1.4350 resistance area. Under 1.4250, pair could again approach to the 1.4200 level, thus market likely to remain ranging ahead of tomorrow’s ECB decision.

GBP/USD at 1.6280, ahead of daily descendant trend line at 1.6310; if breaches above 1.6350 and 1.6400 are next levels to consider; only under 1.6250 pair could retest the 1.6200 lows ahead of 1.6160 area.

Asian stock markets have some negative cue from Wall Street losses after weaker-than-expected U.S. ADP jobs report. Lack of reports will leave investors following Nikkei and Shanghai Composite for currencies directions. Weaker stocks will continue supporting Japanese Yen gains.

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