The U.S. dollar continued to decline today during earlier trading pressured by the needed correction and eased concerns that propped risk, challenging the concerns dominating the markets regarding the sovereign debts in the euro zone, especially after Fetch lowered the debt for Greece. USDIX is currently trading around 75.93, and recorded the high of 76.35 and the low of 75.85.
The euro revived against the dollar after the released economic data that confirmed the expansion in Germany during the first quarter at 1.5%, where euro inclined today ignoring Fitch's debt outlook downgrade for Belgium to negative from stable. Eased jitters are seen after the Greek Cabinet yesterday approved new plan of selling assets and lowering the public spending by 6 billion Euros to assure they avoid restructuring and attain more aid from the EU and IMF.
The pair is trading now around 1.4085, and recorded the high of 1.4115 and the low of 1.4000; technically speaking, the pair is expected to return to the downside after the slight upside relief targeting 1.3980 as far as areas of 1.4235 remain intact.
The pound inclined against the dollar to the areas of 1.6177 ignoring the released economic data that confirmed the widening budget deficit during the past month which was worse than expectations. The budget deficit in UK is one of the obstacles facing decision makers, where the deficit pushed the coalition government to announce reductions in the public spending the most since the World War II, but these reductions seem to be insufficient amid falling tax recipes with crippled employment and business expansion. The pair is trading now around 1.6145, and reached the low of 1.6112 and expected to reversed to the downside targeting 1.6045 as far as stability remains below 1.6310.
The U.S. dollar declined against the JPY despite the lack of economic data today. The pair is trading now around 81.87 and achieved the high of 81.95 and the low of 81.60, technically speaking the pair is expected to continue its upward trend towards 83.50 as far as stability prevails above 80.75.