The dollar is acquiring back some strength as majors rest, the outlook has not changed in favor of the dollar yet correction and consolidation is needed to head up ahead of further US data this week that is likely to reflect worsening prospects for the economy.

The Euro is trading to the downside against the dollar breaking its early Asian trading range to fall to as 1.5145 which offers good support for the euro and that was after setting its high at 1.5220; meanwhile the pair is trading near 1.5180s after good fundamentals from the euro zone which came slightly above median estimates providing a sense of ease regarding the effect of the turmoil and the US economy on the single currency's nation.

Sterling meanwhile started the European session hammered to the downside against the dollar as investors head to lock in late released data from the Kingdom from record low Nationwide confidence to other reports that suggested the services sector is to slow noticeably and that the labor sector was hit with the ongoing slowing in February. The pound fell as low as 1.9720 to bounce from the strong demand area while very strong PMI Services which accounts for almost 3/4 of the GDP in the kingdom eased fears and defused the effect of the released report. Meanwhile the pound remains weak as the dollar is gaining on the back of major's correction as it breached the 1.98 which now presents a weaker range for the pound it currently trades near 1.9780s leaving its intraday high in the Asian session at 1.9854.

The USD/JPY pair is finally on the rise attempting to cover that early week gap targeting 103.80s, the deal is almost sealed as the highest for the pair was set at 103.73 nevertheless the upcoming areas are yet strong for the pair and needs strong momentum as the near 103.90s lies the 100 hours MA as well on the upper Bollinger band which the pair needs more upside volume to breach through successfully of at least cover the gap; seemingly the yen is now retreating from the strong bottom hit near 102.60s as since yesterday's low the dollar has managed to gain back against the yen which is now trading near 103.60s.

Majors levels are still subject to extreme change of rhetoric, especially the yen with the upside seen barriers, the data in the American session might provide further weakness to the dollar and then the sentiment since the morning will be strongly reversed!