Dollar Retreats from Opening Gap Gain

The U.S. dollar has retreated from its impressive gain on this week opening on the Forex market and is now trading inside its usual recent daily bearish trend against the euro and the Japanese yen.

The G7 meeting’s officials noted the global situation with currency rates volatility and the necessity of the actions against the fast depreciation of some currencies and the fast appreciation of the other currencies. The presence of the currencies concern in the meeting conclusion spurred traders’ belief that the dollar may change its declining behavior on the currency market.

The week opened with a significant gap in the dollar’s favor on the EUR/USD currency pair. While Friday ended at 1.5807 for EUR/USD, today the pair opened at 1.5704 — a 0.65% gap. The only reason for such a fast and momentary shift in the trend was the G7 mentioning of the weak dollar danger.

Nevertheless, almost immediately after the trade session opening, the dollar bears started to prevail and the EUR/USD regained almost a full gap loss during the first 10 hours of trading, confirming a present long-term anti-dollar trend.

As of 8:58 GMT EUR/USD was trading at 1.5783 — about 0.5% above its opening level.

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