The dollar is rallying versus major currencies, but not as a result of its strength but due to the weakness of major currencies. The Dollar Index, which measures strength of the dollar versus six major currencies, is currently surging while trading at 80.82 while recording a high of 81.02 and a low of 80.52.
The euro is depreciating in the markets on renewed anticipations that European Union leaders, are not going to provide financial aid for Greece at the summit later on this week, and this lowered the appeal of the euro in markets. Markets are patiently waiting on the summit as this will either cause the euro to extend its decline or support it to rise if Greece is provided with a financial package. The EUR/USD pair is currently trading at 1.3528 between the support of 1.3480 and the resistance of 1.3570 while recording a high of 1.3569 and a low of 1.3474.
The pound like the euro is losing momentum ahead of the annual budget report to be released tomorrow, as the UK government is trying to cut spending as a way to narrow the budget deficit which is undermining growth prospects. The pound also fell after the inflation data released from the economy, showing that it was lower than markets presumed. The GBP/USD is currently trading at 1.5038 between the support of 1.4975 and the resistance of 1.5085 while recording a high of 1.5111 and a low of 1.4971. The technical indicators on the one-hour charts are showing that after the pair was trading in an oversold area, currently the momentum indicators are providing with an upside wave.
Turning to the dollar-yen pair, we see that is inclining as the dollar is currently the winner in markets; the pair is currently trading at 90.43 below the resistance of 90.95 and above the support of 90.00 while recording a high of 90.46 and a low of 90.12.