The U.S. economy released its retail sales showing that they surpassed estimates, yet the dollar is declining as a result of anticipations that the Federal Reserve Bank will leave interest rates near zero throughout most of this year, therefore discouraging investors to buy the dollar. The Dollar Index, which measures strength of the dollar versus six major currencies, is currently traded at 79.90 while recording a high of 80.32 and a low of 79.68.
There are anticipations in the markets that the European Union will provide 55-billion euros to Greece, therefore increased the appeal of the euro which therefore caused it to climb in the markets. The EUR/USD is currently traded at 1.3755 between the support of 1.3700 and the resistance of 1.3800 while recording a high of 1.3795 and a low of 1.3668. The momentum indicators are showing that the pair is being traded in an overbought area, on the one-hour charts.
The pound is resuming its incline for the second day, while there are major woes around the pound ahead of the governmental elections in the United Kingdom. The royal currency versus the dollar pair is currently traded at 1.5138 between the support of 1.5065 and the resistance of 1.5210, so far we see that the pair recorded a high of 1.5172 and a low of 1.5025. Also, here the momentum indicators show that the pair is being traded in an overbought area.
As investors are currently more attracted to the higher-yielding assets while selling the lower yielding assets, we see that the yen is losing momentum against the dollar. The USD/JPY pair today hit a high of 90.96 while posting a low of 90.16 and is currently traded at 90.88, for the pair we see a support at 90.00 and a resistance at 91.20.