The U.S. dollar inclined during the European session cutting earlier losses, where investors bought higher yield assets, which drove the dollar to decline recording its lowest level in three weeks, but the incline in the U.S. dollar preceded the release of the consumer confidence data for this month, which is expected to rise.
The USDIX is trading now around 74.57 and recorded a high of 74.95 and a low of 74.56.
The EUR/USD pair stabilized around the level of 1.4405 during the day, where this level is considered to be the highest in three weeks, the pair inclined after the head of the EU Finance Ministers, John Claude Yanker, declared yesterday that the European Union is planning to reform a second bailout package for Greece in order to eliminate the idea of rescheduling the loans and to enable Greece to meet next month's obligations, on the other side, the Greek opposition demanded to lower the taxes as a condition to reach a political agreement with the government about applying austerity procedures that Brussels recommended for Athens in order to receive another rescuing packages. The pair is currently trading around 1.4405 and recorded a high of 1.4423 and a low of 1.4275 compared to the opening at 1.4279, technically speaking the pair is expected to continue rising towards the target around 1.4455, but the pair must stabilize above 1.4235.
The GBP/USD pair is trading around 1.6500 amid the lack of data from the royal economy which celebrated yesterday its first spring day. The pair is currently trading around 1.6495 and recorded a high of 1.6545 and a low of 1.6469 compared to the opening at 1.6475. From a technical viewpoint the pair is expected to continue the upward trend aiming at the targets of 1.6600, but must stabilize above 1.6415.
The USD/JPY pair inclined after the data confirmed the industrial production inclined during the previous month, to reach 81.58, the pair is trading now around 81.55 and recorded a high of 81.75 and a low of 80.70 compared to the opening at 80.91, from a technical point of view, the pair is expected to incline achieving targets at 82.15, if it stabilizes above 79.95.