The dollar is rising versus major currencies but not because of its strength but as a result of the major currencies weakness, while today from the U.S. economy they are going to release inflation data, which shows that inflation remains tamed in the economy. The Dollar Index, which usually measures strength of the dollar versus six major currencies, is currently traded at 79.95 while recording a high of 80.09 and a low of 79.70.
The euro depreciated once again versus the dollar on worries that Greece will not succeed to secure financial support from the European Union while the spokes person for German Chancellor Angela Merkal said that Greece should seek aid from the International Monetary Fund (IMF) if it needs it. The EUR/USD is currently trading at 1.3683 between the support of 1.3660 and the resistance of 1.3730 while recording a high of 1.3740 and a low of 1.3646. On the one-hour charts, we see that the volume indicator is showing us there is low volume in markets.
The United Kingdom today released data regarding their current budget deficit position showing that it continues to worsen; therefore this undermines growth prospects of the nation. The pound dollar pair is consolidating currently between the support of 1.5225 and the resistance of 1.5345 while trading at 1.5280. The momentum indicators on the one-hour charts are supporting the fact there is sideways trading in markets. So far the pair recorded a high of 1.5327 and a low of 1.5238.
The dollar yen pair is declining as the yen is climbing against the federal currency while the pair is currently trading at 90.24 between the support of 89.65 and the resistance of 90.60 while recording a high of 90.44 and a low of 89.75. The momentum indicators on the one-hour charts are providing us with an upwards wave.