The greenback is still finding strong support from the sell off in the equity market amid a new wave of mistrust and prolonged expectations of a global recession. the oil and comodities prices are also coming lower and lower on these same expectaions. It looks that the equity markets are still looking for its bottom.

The japanese yen came higher across the broad for the same reason as the first funding currency of the carry trades transactions as its low cost.

The gold prices are going back and force in a very volatile market as the liquidity problems is underpinning the greenback from a side and the risk aversion giving support to the gold from another side as a reserve amid the current missing trust sentiment.

The ECB has disscussed cutting rate this time as expected pushing the single currency lower across the broad. The ECB has started to pave the market for an easing action in the face of the current financial market turmoil after the drop of the oil and commodities prices across the broad on the growth worries and the negative impact of the current credit crises on the growth in EU too. Technically breaking lower than the pair recent low at 1.399 is a very bearish sign. The next major support is at 1.336.

The single currency is still struggling across the broad after Trichet's signal that the ECB has disscussed 2 options cutting interest rate or keeping it. The comments have paved the way for a coming easing action in the face of the current financial market turmoil after the drop of the oil and commodities prices across the broad on the growth worries and the negative impact of the current credit crises on the growth in EU too. Technically breaking lower than the pair recent low at 1.39 is a very bearish sign underpined by inability to break above it again last friday. The next major support is at 1.336.