The dollar depreciated in markets versus major currencies, as a result of commodity prices climbing andtherefore increasing the appeal of the higher-yielding assets in markets;thus weighing on the dollar's strength. The Dollar Index, which usually measures strength of the dollar versus six major currencies, is currently traded at 80.16 while recording a high of 80.41 and a low of 79.95.
The euro climbed versus the dollar for the first time in five days on anticipations that the euro being sold in markets were overrated regarding the fears about the budget deficit spreading from Greece to other economies in the euro zone. The EUR/USD is traded at 1.3661 between the support of 1.3575 and the resistance of 1.3745, while recording a high of 1.3682 and a low of 1.3587. Momentum indicators on the one-hour charts are showing us that the pair is being traded in an overbought area.
The United Kingdom released its CPI data showing that inflation climbed the most in 14-monthsdue tothe reversal of the tax cut, higher oil prices and the weak pound. The pound after the data was not affected much as alreadymarkets alreadyexpecting inflation rates to rally; the GBP/USD is being traded at 1.5671 between the support of 1.5650 and the resistance of 1.5765. The pair recorded a high of 1.5728 and a low of 1.5652, as momentum indicators are showing that the pair is trading close to an oversold area.
The dollar yen pair are currently being traded at 90.13, while recording a high of 90.17 and a low of 89.70; while the momentum indicators are providing us with a bullish trend as currently there is a support at 89.73 and a resistance of 90.30.