The U.S. economy today lacks major economic data, while we see the dollar inclining versus major currencies, as pessimism continues in markets; pushing investors towards lower yielding assets rather than higher yieldingones, as they become worried about whena global recovery will take place, which supports the rise in the dollar.
The euro depreciated against the federal currency on expectations that consumer prices in Germany are going to continue slipping, further triggering deflation risks in the euro zone, which is scaring investors away from the euro. The EUR/USD is being traded at 1.4633, while recording a high of 1.4719 and a low of 1.4563. For the pair we see a support at 1.4590 and a resistance at 1.4657. The volumes indicator on the one-hour chart is showing us that there is low volume in markets.
The pound is slipping versus the dollar on the daily charts, while on the one-hour chart we see that it is starting to gain momentum, as a result of correction movements; especially as the UK lacks major fundamental data. The GBP/USD pair is being traded at 1.5887, between the support of 1.5802 and the resistance of 1.5908, while recording a high of 1.5963 and a low of 1.5768.
The yen versus the dollar is trading close to the highest level in eight months, on anticipations that the Finance Minster Hiroshisa Fujii is going to support the Japanese currency; thus,encouraging more investors to buy the yen, in which in its role will boost the yen. The pair is being traded at 89.39, while recording a high of 89.63 and a low of 88.22.