The U.S. dollar returned to trend lower in the European session on eased woes in financial markets which was supported by profit taking after the dollar achieved its highest since three weeks on Friday. The USDIX is trading now at 75.77 recording the highest at 75.89 and the lowest at 75.61 compared to the opening levels of 75.85.
The euro inclined against the U.S dollar to trade now at 1.4105 cutting last week's losses especially when the financial markets are waiting for comments from finance ministers that started their two-day summit in Brussels today and it expected and expected to reach a decision on the Greek crisis.
The pair inclined after the economic data which confirmed that the CPI rose in the Euro zone during April beyond the ECB safe level at 2%, and fears eased over the decision making for Greek after IMF chief Kahn was Dominique Strauss-Kahn was charged on Sunday with a sex assault on a New York hotel maid and was taken into custody and awaits his first court appearance on attempted rape charges.
The pair is trading at the pivotal support level of 1.4180 which if the breached with stability below it the bearish trend will be activated aiming at 1.4025 and this will not prevent the pair from upside correctional moves to gain the needed momentum.
The GBP/USD pair is trading around opening levels of 1.6178 with the lack of data from the U.K. economy. Tomorrow investors are waiting inflation data which is expected to reflect the continuous rising CPI in the kingdom, pressuring BOE‘s King to write the sixth open letter to the chancellor since inflation moved 1.0% above the 2.0% target.
The pair is stabilizing at the major support levels at 1.6175, but breaching it will activate the downside trend, unless the pair couldn't break these levels which will force it to the upside once again. The pair recorded its highest at $1.6222 and its lowest at $.6155.
The USD/JPY is fluctuating near today opened levels around $80.85. The pair reached the highest at $81.06 and the lowest at $80.65, it is expected to incline but it must breakthrough 81.00 and stabilize above it; the pair's is currently trading between the support level at 80.35 and the resistance at 81.00.