The dollar today once again is mixed in the markets despite the optimism that was witnessed in the markets earlier as there are speculations that a global recovery is starting to take place which should have reduced the appeal of the dollar and more attention on higher yielding currencies. The U.S. economy today lacks major economic data while the trend of the dollar is depending on other major currencies.
Data in the euro zone today was released worse than market expectations as ZEW survey's disappointed markets from Germany and the euro zone regarding economic sentiment. The euro was not affected much from the economic data as currently we see the currency holding its ground against the dollar as the pair is being traded at 1.4787 while recording a high of 1.4803 and a low of 1.4761. For the EUR/USD we see there is a support at 1.4755 and a resistance at 1.4814.
The United Kingdom today released its inflation data showing that consumer prices declined heavily and this means higher deflation risks in the nation, the deadbeat data weighed on the pound causing it to extend its decline in the markets versus the dollar. The GBP/USD is being traded at 1.5728 between the support of 1.5643 and the resistance of 1.5755 while recording a high of 1.5824 and a low of 1.5707. The momentum indicators are revealing that on the one-hour chart the pair is traded in an oversold area.
Turning to the USD/JPY we see that it is currently trading at 89.78 between the support of 89.70 and the resistance of 90.10 while recording a high of 90.18 and a low of 89.61. The momentum indictors here on the one-hour chart are providing us with a downwards trend.