Major currencies continued their sharp advance versus greenback which is falling severely across the board after the G20 failed to meet expectations in commenting on the dollar's weakness and the IMF stated that it is being treated as a low yielding funding currency and is still above its medium-run equilibrium. Adding to that, the weak labor data seen last Friday powered investors to correlate them to the Feds comments that the rates will be tied to development in the labor market and inflation which means that they are to indeed linger low for quite a while. All those factors have ignited a strong selling wave on the U.S dollar pressuring it lower over most active currencies.
The dollar slumped versus the euro today were the pair inclined sharply from its low levels at 1.4850 to set the highest bear 1.50 areas. The pair is still trading near its highest recorded levels today and the positive pressures are still evident from the pair.
As for sterling, it managed to incline noticeably versus greenback, rising from 1.6616 to set the highest at 1.6843. The pair is trading above 1.6780 support level which is likely to support the continuation of the current upside move yet trading below it might take the pair lower in a correctional move.
As for the USDJPY, the dollar could not hold its gains versus the yen and resumed its downside move as the pair declined after setting the highest of 90.26 heading towards 89.67. Technically, the pair is trading around 89.80 support area and shall the pair breach that level it will continue lower towards 89.15 areas.