The Dollar Index, which measures strength of the dollar versus six major currencies, is currently trading at 84.58 while recording a high of 84.90 and a low of 84.19.
The euro we see as a result of technical movements trying but struggling to rebound versus the dollar, as still the outlook of the debt crisis in the euro zone remains unclear despite the EU and IMF providing 750 billion euros. The technical charts are showing that the euro dollar pair is traded in oversold areas over daily basis. Also the euro was supported from the euro zone posting growth in the first quarter by 0.2% after stagnating in the fourth quarter.
The EUR/USD is currently trading at 1.2670 above the support of 1.2600 yet below the resistance of 1.2740 while recording a high of 1.2739 and a low of 1.2602.
The United Kingdom today had a full economic data as unemployment rates were released showing that they stood at 8.0%, the highest in 16 years yet jobless claims fell to 27,100. Also the BoE of released the quarterly inflation report showing that there is uncertainty about growth while inflation to ease from the margin of spare capacity. The attention remains on the government, as officials wait to say details of plan of how David Cameron will cut deficit within 50 days. With all the issues in the UK economy, has investors confused while currently the pound dollar pair trade at 1.4923 above the support of 1.4850 and below the resistance of 1.4960. The pair so far recorded a high of 1.5043 and a low of 1.4858.
As the Asian stock markets rallied as a result of upbeat earnings, the yen weakened as investors did not need a refuge; therefore the USD/JPY is currently trading at 92.94 between the support of 92.30 and the resistance of 93.30 while recording a high of 93.06 and a low of 92.43.