The focus in the U.S. economy today is on the third quarter GDP reading, in which expectations will showthatthe nation will annuallyexpand by 2.8% from the prior 3.5%, and the revision downwards will bedue tolower retail sales and a wider trade gap. The Dollar Index, which usually measures strength of the dollar versus six major currencies, is currently climbing as it is traded at 75.21 while recording a high of 75.44 and a low of 75.10.
From the euro zone; Germany, the biggest nation in the area, release its IFO survey's showing that they surpassed expectations and this meant that German's were looking forward to the outlook of the nation and this right away gave the euro some support in the markets. The EUR/USD is being traded at 1.4946 between the support of 1.4919 and the resistance of 1.5001, while recording a high of 1.4970 and a low of 1.4887. The momentum indicators on the one-hour charts are providing us with an upside wave.
The pound versus the dollar is depreciating heavily, while the pair is currently being traded at 1.6514, while recording a high of 1.6617 and a low of 1.6496. For the pair, we see there is a support at 1.6448 and a resistance at 1.6561, while we are seeing that the pair is being traded in an oversold area. The volumes indicator on the one-hour chart is showing us that there is low volume in the markets.
The USD/JPY is being traded at 88.69, while recording a high of 89.04 and a low of 88.54 as there is a support at 88.54 and a resistance at 89.12. The yen is climbing versus the dollardue tothe U.S. economy projected to expand but at a slower rate.