The green currency is currently traded at 1-year low versus a basket of major currencies as represented by the dollar index which track the dollar's movements against six major currencies. The Index is now at 76.14 rebounding slightly after yesterday's fall. The federal currency weakened as a result of the improved outlook for major economies which crimped demand on the dollar as a refuge. The FOMC will meet tonight for the second day with expectations to keep the interest rate unchanged at 0.25%, while there are talks with regard ending the bonds purchase program.
As regards to the euro-dollar pair, it slipped slightly today to pare some of the earlier gains generated yesterday and throughout the previous period, where the euro touched the highest level in 12 months versus the dollar. The pair is also showing decline on the 4-hour and 1-hour charts. PMI Manufacturing and Services were released in the euro zone today coming lower than expectation. However, the euro was slightly impacted by the data. Meanwhile, the euro is traded at 1.4772 recording a high of 1.4842 and low of 1.4765, where the pair is supported by 1.4764 then 1.4735 and faces the coming resistance of 1.4790.
As for the sterling-dollar pair, the pair inclined for the second day, snapping some of last week's losses. However, on the 4-hour and 1-hour charts the pair is showing a slight decline. The BoE in their minutes released today announced that they voted for leaving the interest rate and the APF program unanimously. So far, the pound is traded at 1.6437 setting a high of 1.6452 and a low of 1.6328; while the coming support for the pair is seen at 1.6415 and the resistance is spotted at 1.6445.
With regard to the dollar-yen pair, it is showing an upside bias on the daily charts. The pair started to rebound again from the downside trend that started on August 10. Relative to the 4-hour and 1-hour charts, the pair is also showing an upside bias. Now, the pair is trading around 91.35 after hitting a high of 92.42 and a low of 90.47; while the pair is currently facing the coming support level at 91.45, while the resistance is spotted at 91.25.