The dollar is rallying in the markets versus major currencies as there are speculations in markets that the Federal Reserve might boost discount rate on direct loans to banks, ahead of the FOMC meeting next month while investors are turning to the dollar on increasing signs that the U.S. economy is improving. The Dollar Index, which measures strength of the dollar versus six major currencies, is currently traded at 80.48 while recording a high of 80.56 and a low of 80.22.
The euro continued to depreciate in markets versus the dollar heading for the biggest weekly dropsince the beginning of February on worries that Greece may not receive financial aid from the European Union, from the renewed fears which caused investors to sell the euro in the markets, which caused it to tumble. The EUR/USD pair is being traded at 1.3563 between the support of 1.3525 and the resistance of 1.3635 while recording a high of 1.3626 and a low of 1.3551.
The United Kingdom, lacked economic data today while we see that the pound is declining against the federal currencies while the pair is currently traded at 1.5153 between the support of 1.5060 and the resistance of 1.5175 while recording a high of 1.5254 and a low of 1.5126. On the one-hour charts, we see the momentum indicators are showing that the pair is being traded in an oversold area while there is low volume in the markets, as shown by the volume indicator.
The yen slipped in the markets earlier today as Asian stocks climbed as a result of signs that a global economic recovery is taking place, therefore dampening demand for lower-yielding assets, yet currently the dollar-yen pair is consolidating at 90.41 between the support of 90.00 and the resistance of 91.30 while recording a high of 90.59 and a low of 90.34.