Majors traded with an upside bias against the US dollar during today's Asian session, compensating some of the losses witnessed yesterday as markets are awaiting the preliminary reading the US annualized GDP expected to show that the largest economy in the world grew by 3.4% from the previous reading of 3.2%. The dollar index traded between the highest of 87.33 and the lowest of 86.66. Now the index trades around the 86.71 level. The US will also release today its personal consumption index and weekly jobless claims which are expected to decline.
The euro against the dollar traded during the Asian session between the highest of 1.2285 and the lowest at 1.2181. Now the pair is trading around the 1.2277 level, between 1.2290 and 1.2390. Germany will released today its consumer prices index. The hourly momentum indicators point that the pair is within an overbought area. As for the four hours indicators they indicate the pair might rebound from an oversold area. The daily indicators indicate the pair might rebound from an overbought area. The pair today may trade around 1.2470 if it breaches the 1.2420 levels, and may trade around 1.2170 if it breaches the 1.2255 levels.
The pound against the dollar traded between the highest of 1.4467 and the lowest of 1.4379. Now the pair is trading around the 1.4453 levels between 1.4390 and 1.4460. The UK will release today its CBI distributive trades for the month of May and the Gfk consumer confidence also for the month of May which is expected to worsen. The hourly and four hours momentum indicators point that the pair is within overbought area. The pair today may trade around 1.4600 if it breaches the 1.4530 levels, and may trade around 1.4265 if it breaches the 1.4330 levels.
The dollar against the yen traded between the highest of 90.21 and the lowest of 89.91. Now the pair is trading around 90.16 levels between 90.00 and 90.70. Japan will release later in the day its jobless rate for the month of April expected to remain at 5.0%, in addition to the CPI index also for April expected to fall to -1.0% from the previous -1.1% and the retail trade which is expected to witness a decline in the surplus. The hourly momentum indicators point that the pair is within an overbought area, as for the four hours indicators show the pair might witness a positive crossover within an oversold area. The daily indicators show the pair might rebound from an oversold area. The pair today may trade around 91.60 if it breaches the 91.15 levels, and may trade around 89.00 if it breaches the 89.60 levels.