The dollar is currently seen losing ground versus major currencies while the U.S. economy today is scheduled to release its trade balance in which expectations show that the deficit will widen further. The Dollar Index, which measures strength of the dollar versus six major currencies, is currently declining trading at 80.46 while recording a high of 80.68 and a low of 80.38.
The euro dollar pair is trading in narrow ranges at 1.3599 between the support of 1.3525 and the resistance of 1.3670 while recording a high of 1.3619 and a low of 1.3554. The volume indicator on the four-hour chart is showing us there is low volume in the markets. The issues around the Greece fiscal position remains the main factor that is weighing on the euro.
The UK trade deficit today narrowed lower than expectations and the most since June 2006 as a result of the weaker pound which boosted exports, and the higher exports means that it was going to support the UK overall growth while the nation expanded by 0.4% in the fourth quarter. Investors today became optimistic about the outlook of the UK, supported the pound to rise against the dollar, despite the political tensions in the nation which lately have been affecting the pound. The GBP/USD is currently trading at 1.5417 between the support of 1.5295 and the resistance of 1.5455 while recording a high of 1.5427 and a low of 1.5335, the momentum indicators on the one-hour charts are showing us that the pair is being traded in an overbought area.
The dollar yen pair is currently declining while trading at 93.10 between the support of 92.80 and resistance of 93.75, recording a high of 93.40 and a low of 92.56. The momentum indicators on the four-hour charts are saying that the pair is trading in a sideways wave.