The U.S. economy released its first quarter final GDP reading which showed that it was revised downwards to 2.7% from 3.0% and worse than the projected reading of 3.0%, yet the markets now turn their attention to the release of the consumer confidence; with expectations showing it will remain steady at 75.5. The dollar is slightly changed as the Dollar Index, which gauges the strength of the dollar against six major currencies, is currently trading at 85.73 while recording a high of 86.11 and a low of 85.60.
The euro is depreciating versus the dollar ahead of the G-20 summit this weekend which is expected to show that officials will not reach an agreement towards taming the deficit. As a result of these worries, investors are selling the euro on concerns it might further plunge, while the outlook for the euro zone remains blurry as a result of the debt crisis. The euro dollar pair is currently trading at $1.2300 above the support of $1.2240 and below the resistance of $1.2385 while recording a high of $1.2350 and a low of $1.2254.
Turning to pound dollar pair we see that it is inclining as investors' optimism remains in markets towards the pound, which has been supported after Chancellor of the Exchequer George Osborne, announced the biggest budget cuts since World War II. The pair is currently trading at $1.4953 above the support of $1.4850 and below the resistance of $1.5000 while recording a high of $1.4973 and a low of $1.4854. The momentum indicators show us that on the daily-charts, the pair is being traded in an overbought area.
As investors are avoiding higher yielding assets and turning to lower yielding assets, we see that yen is gaining momentum in markets versus the dollar while investors are seeking the currency as a refuge against the debt crisis in Europe. The USD/JPY is currently trading at 89.34 while recording a high of 89.76 and a low of 89.32. The Stochastic Oscillator, as seen on the daily charts, show us that the pair is traded in an oversold area while there is currently a support at 88.45 and a resistance at 90.20.