The dollar slipped in the markets versus major currencies despite the decline in U.S. retail sales, as investors were encouraged by Japan's third quarter GDP which beat estimates therefore gave more hints that a global recovery is taking place leading to greater demand on higher yielding currencies. As investors risk appetite increased, they went for higher yielding assets which meant that the dollar depreciated.
The euro zone released its yearly CPI showing that the general price levels are continuing to drop yet this did not affect the euro as we see it remain strong versus the federal currency. The EUR/USD is being traded at 1.4967 while recording a high of 1.4992 and a low 1.4919 while the momentum indictors on the one-hour charts are showing us a sideways wave. For the pair we see there is a support of 1.4932 and a resistance 1.4983.
The United Kingdom today did not release major economic data while the markets are calm, yet the pound like the euro is climbing against the dollar as the pair is currently trading at 1.6747 between the support of 1.6708 and the resistance of 1.6805 while recording a high of 1.6751 and a low of 1.6668. The momentum indicators here on the one-hour charts are showing us that the pair is trading close in an overbought area.
The yen is climbing vs. the greenback as a result of the upbeat economic data from Japan as their nation expanded by 1.2% in the third quarter; the USD/JPY is being traded at 89.45 while recording a high of 89.70 and a low of 89.35. For the pair we see there is a support at 89.12 and a resistance at 89.67.