The dollar today is rallying versus major currencies while we see the Dollar Index, which measures strength of the dollar versus six major currencies, currently inclining trading at 81.63 while recording a high of 81.70 and a low of 81.31.
The euro zone today released its fourth quarter final GDP showing that the economy stagnated; therefore this caused the euro to tumble close to a two-week low versus the dollar, as once again worries appeared in markets regarding a longer than expected economic recovery. Although the service sector in the euro zone expanded higher than expectations, still this data did not support the euro, currently we are seeing the pair being traded at 1.3354 between the support of 1.3270 and the resistance of 1.3410 while recording a high of 1.3407 and a low of 1.3325.
From the UK today, we see that the service sector which is the major contributor to economic growth expand at a weaker pace and this therefore caused the pound to plummet in markets against the dollar, while already the pound is pressured as a result of the political tensions and the upcoming elections in May. The GBP/USD pair is currently trading at 1.5202 above the support of 1.5160 and below the resistance of 1.5270, while the pair today hit a high of 1.5286 before declining to a low of 1.5137. The technical charts are showing us that the pair is being traded in an oversold area.
The Bank of Japan today left interest rates at a record low of 0.10%, and this caused the yen to stay weak in markets, especially as officials left assessment of the nation unchanged. The USD/JPY pair is slightly declining on the daily charts while we are seeing they are being traded at 93.68 while recording a high of 94.25 and a low of 93.47, the technical charts are showing us a support at 93.15 and a resistance at 94.25.