The dollar lately has been under pressure from the weakened data regarding the housing sector in the United States, which has aroused anticipations that the economy is still staggering to recover fully therefore this still did not weigh on the dollar's strength as the focus remains on the sovereign debt in Europe.
Investors continue to avoid higher yielding currencies on worries that the debt crisis in the euro zone will negatively hurt the outlook, which is why the dollar is being supported. The dollar is slightly changed as the Dollar Index, which gauges strength of the dollar against six major currencies, is currently trading at 85.83 while recording a high of 85.99 and a low of 85.59.
From the ongoing woes, investors are avoiding the euro in worries that it might tumble further due to the sovereign debt woes which is why they are selling it quickly, therefore the euro dollar pair are currently trading at 1.2289 above the support of 1.2240 and below the resistance of 1.2400. For the pair, so far they recorded a high of 1.2350 and a low of 1.2260.
The pound today hit a high of 1.5011 versus the dollar while easing its incline especially after the head of the sovereign ratings of Standard & Poor's in Europe, Middle East and Africa, Moritz Kraemer said that the United Kingdom needs sustained actions applied to taming the budget deictic, as a way to maintain their credit rating they have not lost since 1978. The GBP/USD is currently trading at 1.4990 between the support of 1.4935 and the resistance of 1.5040 while recording a low of 1.4929.
Turning to the dollar yen pair, we see that they are declining as investors are seeking the yen as a refuge against the debt crisis therefore this increases the appeal of the yen. The pair is currently trading at 89.47 while recording a high of 89.97 and a low of 89.45. The Stochastic Oscillator over the four-hour basis show that the pair is being traded in an oversold area while there is a support of 89.10 and a resistance of 90.20.