The U.S. economy released its housing data showing that housing starts and building permits came in worse than the prior readings and this aroused fears again, that the main sector behind the downfall of the U.S. economy continues struggling to step out of misery. From the deadbeat housing data, boosted the dollar in the markets as demand on higher yielding assets fell, therefore encouraged investors to buy the dollar.
The euro-dollar pair is being traded in an overbought area on the one-hour charts as the momentum indicators are revealing, which means that the euro will begin to lose strength in the markets while already there is reduced demand on higher-yielding currencies. The EUR/USD is being traded at 1.4952 while recording a high of 1.4976 and a low of 1.4861 as there is a support at 1.4913 and a resistance at 1.4965.
The pound dollar is consolidating between the support of 1.6768 and the resistance of 1.6833 at 1.6781 while they record a high of 1.6845 and a low of 1.6769. Today, the BoE released its minutes showing that the vote on the APF program was 7-1-1 towards extending it to 200 billion pounds as it was unanimous on interest rates. The momentum indicators on the one-hour charts are providing us with a downwards channel.
The USD/JPY is being traded at 89.13 while recording a high of 89.34 and a low of 89.00, the momentum indicators here are also showing us a downwards trend as there is a support at 88.70 and a resistance at 89.55.