As the stock markets are declining from the continued pessimism in the markets therefore causing investors to sell higher-yielding assets and buying lower yielding assets which therefore boosts the dollar in markets, as currently we see the dollar rising. The Dollar Index, which measures strength of the dollar versus six major currencies, is currently traded at 80.46 while recording a high of 80.56 and a low of 80.23.
The euro zone today released its March Monthly Report not mentioning any new information to the markets therefore it did not affect the euro as it is declining versus the dollar, as investors are selling higher yielding assets therefore weighing on the strength of the euro. The EUR/USD is currently traded at 1.3649 between the support of 1.3600 and the resistance of 1.3700 while recording a high of 1.3686 and a low of 1.3620.
The pound rose for the first time this week as a result of a quarterly survey released by the Bank of England that showed projections for inflation rates are at the highest level since November 2008. It is projected that inflation will stand at 2.5% in around a year versus the prior predictions of inflation at 2.4% in November. The GBP/USD pair is being traded at 1.5012 between the support of 1.4900 and a resistance of 1.5100, the pair so far recorded a high of 1.5064 and a low of 1.4945.
Turning to the dollar yen pair, we see that its steady trading after the yen hit a high of 90.70 after China posted inflation that hit a 16-month high which meant that China might end the stimulus measures. The pair is currently traded at 90.46 between the support of 90.00 and resistance of 91.20 while recording a low of 90.19.