The U.S. dollar is rising slowly versus major currencies as a result of the confusion in economic data while the International Monetary Fund (IMF) boosted is global growth for next year from the previous estimates as a result of the stimulus packages worth more than $2 trillion helping ease the recessions around the globe. The markets today are waiting for the important data from the U.S. economy especially as Chairman of the Federal Reserve Bank Ben Bernanke is scheduled to testify.

The euro depreciated in the markets versus the dollar on anticipations that central banks and finance ministers at the Group of Seven meeting later this week will not favor a high euro. This meant that the economies want a lower euro because a higher euro means that exports are crippled, these speculations scare investors away from the euro causing them to sell it. The euro is also pressured especially as the euro zone released its unemployment rates showing that they rose to 9.6 percent. The EUR/USD is being traded at 1.4579 between the support of 1.4538 and the resistance of 1.4609 while recording a high of 1.4667 and a low of 1.4550.

The United Kingdom today released its PMI manufacturing showing that the sector contraction widened slightly yet this did not have much effect on the pound as we currently see it trading in narrow ranges against the federal currency. The GBP/USD is being traded at 1.5998 between the support of 1.5955 and a resistance of 1.6024 while recording a high of 1.6010 and a low of 1.5923. The volumes indicator on the four-hour chart is showing us there is high volume in the markets.

The yen is losing ground versus the dollar while there is volatility in the markets as investors are waiting for tomorrow's non-farm payrolls to be released from the U.S. economy. The pair is being traded at 89.99 while recording a high of 90.15 and a low of 89.67. For the USD/JPY we see there is a support at 89.12 and a resistance at 90.10.