The markets have reversed their roles, as once again there are renewed concerns that the debt crisis will curb economic growth which caused investors to seek lower yielding assets versus higher yielding assets. The U.S. economy today lacked major economic data while yesterday we saw that initial jobless claims climbed hinting that companies are still not ready to hire.

From the lack of data, the Dollar Index, which gauges strength of the dollar against six major currencies, is slightly changed while currently trading at 85.66 and recording a high of 85.75 and a low of 85.44.

Today the Russian President had supported the euro by stating that the debt crisis in the euro zone will not weigh on the euro's momentum, yet despite the statement, the euro is under pressure from the sovereign debt which currently has all the focus in markets.

The fears are causing investors to sell the euro as they reverse it reverse's its role, the euro dollar pair is currently trading at 1.2368 above the support of 1.2325 and below the resistance of 1.2430 while recording a high of 1.2416 and a low of 1.2356. Over the one-hour basis, the technical charts are showing us that the pair is consolidating.

The UK economy today released data showing that the fiscal position is still under stress despite deficit widening less than expectations, investors remain aware that the deficit stood at 11% of last year's GDP, which is fogging the outlook for the nation, causing them to get rid of the pound. The pound dollar is currently trading at 1.4800 while recording a high of 1.4885 and a low of 1.4786. The pair has reversed its gains while the four-hour charts supported by the momentum indicators show the fact that the pair is bearish, while there is a support at 1.4730 and a resistance at 1.4850.

The yen climbed versus the dollar as the prime minister pledged to narrow the biggest budget deficit which is hammering economic growth. Also the yen is supported as risk averse investors are more interested in lower yielding assets, which meant the appeal of the yen is increasing. The USD/JPY is currently trading at 90.70 between the support of 90.00 and the resistance of 91.45 while recording a high of 91.07 and a low of 90.43.