Today the U.S. economy is going to release its personal income and spending which shows that spending will decline, currently the dollar is slightly changed versus major currencies while we see the Dollar Index, which measures strength of the dollar versus six major currencies, is currently declining trading at 81.21 while recording a high of 81.61 and a low of 81.15.
The euro zone released its overall confidence data showing that it surpassed expectations especially as economic confidence rose the highest in two years, therefore supporting the euro to climb against the dollar. The EUR/USD pair is currently trading at 1.3479 between the support of 1.3405 and the resistance of 1.3525 while recording a high 1.3505 and a low of 1.3418. The volume indicator on the one-hour charts are showing us there is low volume in the markets.
The pound extended its incline in the markets as over the weekend we saw an election poll released which showed that the Conservative Party was ahead of Labour Party. The new government will be decided on the elections that will take place in June. As investors are looking forward to the upcoming elections, as they seek a new government to replace Prime Minister Gordon Brown, we see that the pound is gaining momentum against the dollar. The pair is currently traded at 1.4981 between the support of 1.4900 and the resistance of 1.5090 while recording a high of 1.5018 and a low of 1.4891.
The dollar yen pair are rising while the pair is narrow trading at 92.50 between the support of 91.75 and the resistance of 92.95 while recording a high of 92.77 and a low of 92.34.