The British pound retreated against majors after a report showing that U.K. fourth quarter GDP was downwardly revised.
The data showed that 4q GDP final reading was revised down to -0.3% on the quarter from both preliminary and expected readings of -0.2%, while it was also downwardly revised to 0.5% on the year from both preliminary and predicted readings of 0.7%.
Policy maker Spencer Dale stressed on the threats posed from the European debt crisis despite the steps taken by euro area officials which managed to ease tensions in financial markets.
Yet, figures released recently indicate that there will be a rebound in economic activities in the first quarter.
The sterling versus the greenback is currently trading lower around 1.5940, after rising to a high of 1.5963 while the low was seen at 1.5902, where the trading range for today is among key support at 1.5730 and key resistance at 1.6165.
Moreover, the main focus today will be on U.S. durable goods report while the main highlight of the week will be the two-day meeting for euro area finance ministers on March 30-31 which will decide whether there will be an agreement over boosting the size of the European fund to 940 billion euros, through combining the powers of both the EFSF (440 billion euros) and the ESM (500 billion euros).
From Europe, Italian Prime Minister Mario Monti said in his lecture in Tokyo on Wednesday that euro area debt woes are almost over, adding that he is not worried that debt contagion would spread from Spain to his country or other euro area nations, stating that Spain, I'm sure, is on a steady course of budgetary consolidation.
Now, the EUR/USD pair is trading around 1.3355, to rebound from yesterday's drop, where it touched the day's low at 1.3311 while the high was recorded at 1.3373.The expected trading range for today is among key support at 1.3180 and key resistance at 1.3500.
On the flip side, the U.S. dollar snapped dropped advance against a basket of major currencies on the daily basis, where the dollar index is currently hovering around 78.95 compared with the day's opening of 79.14.
The greenback is still facing downside pressure after Fed's Chairman Ben Bernanke comments on Monday when he said accommodative monetary policy is necessary to spur growth and boost employment, referring that QE3 is still possible despite the recent improvement in U.S. data.
Against the yen, the greenback is currently trading lower around 82.90 after recording a high of 83.21 and a low of 82.59.The suggested trading range for today is among key support at 81.50 and key resistance now at 84.15.