The US session is fundamental free as market participants are locking on their expectations to the scenario the US economy and the European counterparts are to address this week, especially that they take the stand on rates.
Fannie Mea announced plans to raise new capital, and as well regulators required capital is to be lowered from 20% to 15% after losses on the back of the ailing housing sector. Seemingly the news were not as upbeat as they are to the dollar as the economy still has to prove that they are to make it thought the recession fears.
The euro continued to gain against the dollar recording as high as 1.5570s inclining above the strong level at 1.5558 yet the euro has to at least consolidate above that level, the low was left intact at early levels of 1.5452.
The pound also shed its early losses on the back of a weak dollar despite the poor performance the services sector posted which dragged the pound to as low as 1.9635 where is managed to find good demand to as high as the currently seen levels at 19770s and the pound must continue trading above 1.9750s at least to confirm the bullish headings.
Gains against the dollar are strongly seen for the yen as it dragged the pair thought a bearish wave to as low as 104.10s which needs to be breached to offset the ranges the pair was trading within especially after the 105.70s was strong for the pair to breach higher. The yen is also gaining against the euro and the pound as the pairs recorded the lows at 161.98 and 205.53 respectively.