The dollar today is seen depreciating in markets, after the FOMC minutes yesterdaynot stating that the Feds were worried that the dollar was losing strength in markets, since they said the decline was Orderly. As investors heard about this, they began to sell the dollar in markets versus major currencies, causing it to tumble.
The euro, despite the lack of data from the euro zone, is seen climbing against the federal currency, since investors are currently not interested in the dollar from the lack of interest the Feds had for the weak dollar. The EUR/USD is being traded at 1.5034, while recording a high of 1.5044 and a low of 1.4954. Momentum indicators on the one-hour charts are showing us that the pair is being traded in an overbought area, while we see there is a support at 1.5017 and a resistance at 1.5063.
The United Kingdom released its GDP for the third quarter preliminary reading showing that it was revised upwards to -0.3% from -0.4%, the reading was inline with expectations as we are currently see the pound rising in markets versus the dollar. The GBP/USD is currently traded at 1.6689 between the support of 1.6646 and the resistance of 1.6702. For the pair we see a high of 1.6726 and a low of 1.6575. The momentum indicators are showing us on the one-hour charts too that the pair is being traded in an overbought area.
The dollar yen pair is seen declining, which means that the dollar is also weak versus the yen; therefore giving the yen strength to rise. The pair is currently traded at 87.71 heading for the resistance of 88.20, while still above the support of 87.51; the USD/JPY recorded a high of 88.62 and a low of 87.54.