As soon as it was revealed today that the Federal Reserve took the decision and cut back on its asset purchases program amid crystal clear signs that the U.S economy is strengthening the dollar rushed up to the upside. In fact after a two-day meeting Central Bank reduced its monthly pace of purchases by $10 billion a month to $75 billion in Treasuries and mortgage bonds; a move that was anticipated since mid-2013 as the U.S. economy continues to show signs of robust growth. Accordingly we watch the Dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, rise by 0.57 percent to currently trade at 80.65 recording its highest level at 80.71 and its lowest at 79.50. 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 the current strengthened dollar sending in fact the EUR/USD pair to trade around $1.3688 while recording the highest level of $1.3810 and lowest level of $1.3673 , 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 and pulled by a stronger Benjamin driving the GBP/USD pair to trade around $1.6371 while recording the highest level of $1.6483 and lowest of $1.6260 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 jumped to the upside to trade around ¥104.15 while recording the highest level of ¥104.16 and lowest levels of ¥102.55 but is highly projected to show a strong drop to the downside according to the one-hour stochastic oscillator.
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