The dollar fell Wednesday, after rising for the past three-trading sessions affected by the release of UK data regarding the country's growth rates along with BoE's Minutes report that showed a three-way split among regulators for the third consecutive month.
British economy grew at 0.7% during the third quarter of the year, and 2.7% annually, derailing market expectations of 0.8% and 2.8% respectively, and signaling that the economy will suffer even further as 2011 emerges.
Regulators in the BoE voted to preserve rates at record low of 0.50 percent, and the APF program at £200.0 billion, causing the pound to rise earlier against the euro while both extended the gains against the dollar that fell on the daily scale so far, where investors await the release of U.S. GDP figures for the third quarter of the year.
The US economy grew at 2.8 percent in the three months ending September, compared with the previous reported estimate of 2.5 percent, according to market expectations.
The US dollar index, which tracks the performance of the dollar against majors, declined on the daily scale to 80.46, compared with the opening levels of 80.53 while setting a high of 80.57 and a low of 80.28.
The euro traded higher against the dollar, reaching 1.3170, compared with the opening levels of 1.3100 while setting a high of 1.3180 and a low of 1.3144
Expectations signal that the pair will ascend further, targeting the resistance at 1.3355 bit for these levels to be reached, trading must remain above 1.3185 levels, accordingly, if the pair breached the resistance at 1.3185 and sustained trading above it, it would pave the path for further bullishness, conversely, failed to breach those levels would place downside pressures on the pair to target 1.3120.
The Pound traded close to the opening levels of today, at 1.5463 while setting a high of 1.5492 and a low of 1.5416. The pair continues fluctuating around the previously breached support level that has currently turned into resistance and attempting to ascend towards 1.5540. Yesterday's closing was below this level and will maintain the bearish intraday trendtargeting 1.5425 then 1.5315, while keeping in mind the importance of building a base below 1.5540 in order for chances of resuming these expectations.
As for the Yen, the pair traded lower for the third day, at 83.46, while setting a high of 83.84 and a low of 83.40, compared with the opening levels of 83.72.
The bearish trend appearing on the pair's trading is gradually nearing from the intraday ascending channel's support around 83.25. Stochastic is giving off positive signs; accordingly, a bullish intraday trend is still valid,which majorly depends on the breach of pivotal resistance 84.25.