The dollar is weakening versus major currencies as a result of the U.S. economy today scheduled to release its annualized GDP with expectations showing an expansion and this increasing the demand on higher yielding currencies therefore weighing on the dollar's strength.
The euro is seen surging versus the federal currency since it is considered a higher yielding assets while Germany, the biggest economy in the zone released its unemployment rates showing that they declined to 8.1% from 8.2% and this gave more evidence that conditions are improving in the nation. The EUR/USD is being traded at 1.4745 between the support of 1.4696 and resistance of 1.4756 while recording a high of 1.4758 and a low of 1.4682. The volumes indicator on the one-hour chart is showing us there is low volume in the markets.
Now turning to the pound we see that it also climbing against the dollar while the UK economy released its mortgage approvals showing that it surpassed market expectations and this further gave a boost to the pound since it continues to support the fact that the housing sector is bottoming out. The GBP/USD is currently trading at 1.6428 while recording a high of 1.6444 and a low of 1.6336 as the momentum indicators are showing us that the pair is trading in an overbought area on the one-hour charts. For the pair we see there is a support at 1.6380 and a resistance at 1.6439.
The dollar yen pair is trading based on technical movements while the momentum indicators here also showing us that the pair is trading in an overbought area. The USD/JPY is being traded at 90.74 heading towards the resistance of 91.04 while above the support of 90.50. The pair so far recorded a high of 90.82 and a low of 90.23.