The euro jumped on Trichet remarks that were made during the press conference that follows the rate decision, which the bank preserved at 1.00 percent. Inflation threats are rising on the short-term, but remains moderated and well anchored on the medium-term, according to ECB chairman.
The 17-nation currency gained for the fourth-consecutive day on these remarks, while the US dollar index fell on the daily scale as witnessed on the US dollar index, which tracks the performance of the currency against six-major other.
The US dollar index, traded lower today at 79.25, while setting a low of 79.16 and a high of 80.23, this is compared with the opening levels of 80.15.
The EUR/USD pair traded higher on the daily scale, where the pair breached 1.3120 levels, where it's currently trading at 1.3320; this is compared with the opening levels of 1.3131. The pair managed to set the highest at 1.3354 and the lowest at 1.3087.
Further bullishness is expected, as the pair targets 1.3412, which if breached, would pave the path for the pair to target 1.3500, but the pair needs to obtain a daily closing above 1.3235 in order to achieve the mentioned targets.
As for the pound, the cable breached the resistance at 1.5805 and traded higher at 1.5846, this is compared with the opening levels of 1.5716.
Today's trading range will be bounded between the above mentioned resistance that converted to become a support levels, and the resistance levels at 1.5905.
The dollar traded lower against the yen, reaching 82.78, compared with the opening levels of 82.97, while setting a high of 83.15 and a low of 82.52.
The pair's nearing 82.50, with the Stochastic Oscillator heading towards an oversold area on the daily scale, the pair might witness a upside correction later on today that would allow it to re-test levels at 83.00 where obtaining a daily closing above this level, would pave the path for the pair to target 84.00.