U.S Dollar gains strength

Friday, 13 May 2011 10:50

The U.S Dollar is continuously gaining strength against the euro, as the 17 nation currency is hit by news such as Greece's speculating 60B bailout plan, and Portugal's preparation to receive a bailout package.  After half a year on the high end, the euro is seen to be falling.

EUR/USD broke down below the 1.42 line reaching a 6-month low of 1.4120; then back to 1.4280 as the market rejected to keep the 1.41 line.  Support shows at 1.40 as the pessimistic outlook targets 1.4025.

EUR/USD is currently trading 1.4307, recovering.

Sterlings slumps against the Greenback, as the pair held down to 1.6280.  Sterling set the track in a new grat downhill as declines have been observed since this May, falling over 280 pips versus the dollar.

GBP/USD is currently trading at 1.6288, holding steady in the 1.62 line.