The dollar is rallying in the markets ahead of the U.S. data which is expected to show that the private sector added jobs during the month of April after they had shed job in the prior month. Also the dollar is gaining as a result of optimism in the markets that improvement continues to take place in the U.S. economy. The Dollar Index, which measures strength of the dollar versus six major currencies, is currently inclining trading at 83.58 while recording a high of 83.64 and a low of 83.36.
The euro resumes its decline in the markets versus the dollar trading in its lowest level since April 2009 as a result of worries that the debt crisis of Greece will spread to other euro zone countries. Fears loom around the fiscal position of Greece which is undermining growth prospects and holding back the ECB from exiting stimulus measures in the euro zone. The euro dollar pair is currently traded at 1.2958 between the support of 1.2875 and the resistance of 1.3035 while recording a high of 1.2996 and a low of 1.2934. On the daily-charts, we see that the momentum indicators are showing us that the pair is being traded in an oversold area.
The pound is trying to gain some strength ahead of the elections tomorrow, as polls are showing that Conservative Party David Cameron will be the winner tomorrow. There are also worries in the UK regarding the deficit, as it is the largest in the G7 nations, high above 11% of GDP. The GBP/USD is currently trading at 1.5150 between the support of 1.5075 and the resistance of 1.5245 while recording a high of 1.5172 and a low of 1.5105. Also here the momentum indicators are showing us that the pair is being traded in an oversold area on the daily charts.
The yen is weakening against the dollar, as the pair is currently trading at 94.75 above the support of 94.00 and below the resistance of 95.15 while recording a high of 94.98 and a low of 94.47. The volumes indicator on the one-hour chart are showing us there is low volume in the markets.