The dollar and the yen were pushed lower as majors are holding to yesterday's gains, where the yen reached its lowest in two weeks since investors are increasing their appetite for risk, extending the Asian stocks gains. The limited ranges in which the currencies moved this week were broke yesterday, at least for the euro. The dollar index traded today between the highest 83.87 and the lowest 83.69. The index now trades around 83.81.
Germany will release today the CPI final reading for June, while UK will release its trade balance and PPI input and output for June. As the US fundamentals are limited today to the wholesales inventories, Canada will release its unemployment rate for June expected to stay steady at 8.1% as well as the net change in employment and the housing starts for June.
The euro against the dollar traded during the Asian session between the highest of 1.2701 and the lowest of 1.2674. Now the pair is trading around the 1.2684 level, between 1.2650 and 1.2740. The pair might find today some upside support closing the week with gains, however the four hours and daily momentum indicators show the pair is within an overbought area which might hinder somehow the pair's upside movement. If the pair breaches the resistance at 1.2780 it might head towards the next target found at 1.2840.
The pound against the dollar traded during the Asian session between the highest of 1.5158 and the lowest of 1.5131. Now the pair is trading around the 1.5150 level, between 1.5070 and 1.5220. The pound failed to walk in the euro's footsteps, remaining in the limited range previously mentioned, since it needs stronger upside momentum to break this area. The four hours momentum indicators show the pair is within an oversold area while the daily indicators show the pair is within an overbought area, which might produce some volatility in the pair's movement during today.
The dollar against the yen traded between the highest of 88.69 and the lowest of 88.40. Now the pair is trading around the 88.66 level, between 88.20 and 88.90. The daily indicators give some buying signs while the four hours show the pair is within an overbought area. And those mixed signals may disrupt the pair's upside movement.