Investors are patiently waiting for the jobs report that is to be released from the U.S. economy this week, sinceit will help us determine the current job conditions in the economy. Currently, we see that the dollar is surging in the markets versus major currencies while the Dollar Index, which usually measures strength of the dollar versus six major currencies, is currently traded at 80.74 while recording a high of 80.75 and a low of 80.28.
In the euro zone, the focus remains on Greece's debt which stood at 12.7% of their GDP last year, while today the European Union Monetary Affairs Commissioner is going to help Greece narrow that budget deficit, since later on they will meet with Prime Minister George Papandreou and might offer them 25 billion euros. The news of Greece being aided by European officials did not support the euro, while we see the EUR/USD traded at 1.3595 between the support of 1.3515 and the resistance of 1.3670, the pair so far recorded a high of 1.3653 and a low of 1.3585.
The pound tumbled heavily in markets versus the dollar, since polls revealed that the United Kingdom might have had a hard time narrowing their budget deficit, which therefore might weigh on growth prospects. The GBP/USD is currently traded at 1.4977 between the support of 1.4850 and the resistance of 1.5065, while recording a high of 1.5202 and a low of 1.4963. The momentum indicators on the one-hour charts show us that the pair is being traded in an oversold area while there is low volume in the markets.
As Asian stocks climbed, demand reduced for lower yielding assets which is why the yen tumbled in markets against the federal currency, as the pair currently trades at 89.32 while recording a high of 89.35 and a low of 88.80. For the pair, we see there is a support at 88.50 and a resistance at 90.00, while the momentum indicators on the one-hour charts are showing us that the pair is being traded close to an overbought area.