The greenback advanced against a basket of major currencies ahead of the release of growth, consumer spending and confidence data and ahead of the G-20 meeting tomorrow. The dollar pared two days of decline as it the dollar index rose to 85.89 but still unable to stay above resistance at 85.94, while it recorded a high of 86.11 and a low of 85.60.
With regard to the euro-dollar pair, it is showing decline on the daily charts traded near 1.2330 level that the pair has been traded around this week. The euro remains under pressure ahead of the G-20 on speculations the G-20 leaders will not be able to agree on measures to reduce debt woes. Meanwhile, the pair is trading at 1.2291 while recording a high of 1.2350 and a low of 1.2252. For the rest of the day, the pair is predicted to move between support and resistance at 1.2240 and 1.2385 respectively.
As for the sterling-dollar pair, it declined for the second day paring two days of advance, but the pair halted its fall as it hit strong support at 1.4856 yesterday. The pound rallied after Osborne had announced additional expenditure cuts of 30 billion pounds a year by 2014-15 on June 22 in his emergency budget which boosted hopes the economy will cut its huge debt, but it dropped today BP oil leak which is putting the company on the verge of bankruptcy increased worries and negatively affected the sterling. The pair is currently trading at 1.4917, recording a high of 1.4973 and a low of 1.4854, while it is expected to move between support at 1.4850 and resistance at 1.5000.
Relative to the dollar-yen pair, it is steady after falling for three consecutive sessions but the pair rebounded slightly today as it got support at 89.27. The pair is currently trading at 89.63, recording a high of 89.76 and a low of 89.39, whereas support is seen at 89.15 while resistance is at 90.20.