The euro pared its earlier losses against the dollar with eyes on bank's stress tests as analysts will set methodology used to assess financial performance of 100 banks, yet the yen continued its advance against majors on concerns of having sluggish growth and as stocks fell, therefore enhancing demand on refuges.
However, the dollar index which gauges the dollar strength against a basket of major currencies reversed its earlier gains as it currently retreated to 84.07 after touching a high of 84.37.
With regard to the euro-dollar pair, it rebounded on the daily charts from a low of 1.2551 to 1.2597, where the pair is currently trading. Earlier today, the pair recorded a high of 1.2633, whereas for the rest of the day the pair is predicted to move between support and resistance at 1.2540 and 1.2605 respectively. Today, the euro released GDP final reading for the first quarter where the 16-nation region grew 0.2% on the quarter and 0.6% on the year, but the news did not give an impetus to the euro as investors are focusing on the stress tests results to check bank's ability to repay debt.
As for the sterling-dollar pair, it is moving to the upside meanwhile to reverse from the earlier drop to a low of 1.5079, where the pair is continuing its upside trend that started since mid May in the absence of economic figures from the United Kingdom ahead of July's rate decision announced tomorrow. The breach of 1.5055 level last week paved the way for the pair to rise to 1.5161 where it is traded meanwhile. The pair is recorded a high of 1.551, while it is expected to move between support at 1.5080 and resistance at 1.5205.
Relative to the dollar-yen pair, it is extending its downside fall on the daily charts as fears are empowering the yen. Meanwhile, the pair is trading at 87.16, recording a high of 87.67 and a low of 87.00, whereas support is seen at 86.90 while resistance is at 88.00.