The U.S. dollar declined in Europe cutting the gains achieved earlier this morning after the FOMC minutes reinsured the steady stance on the current monetary policy and the commitment to keep rates at record low for an extended period of time. The USDIX is trading around 75.36 recording the high of 75.55 and the low of 75.13.
The EUR/USD appreciated to trade around 1.4264 with the lack of major data from the Euro zone that is still battered with the debt crisis which is agonizing decision makers, with expectations that Greece may leave the shall their fiscal conditions continue to deteriorate. The speculation remains in the market is spite of the European ministers signals that Greece will be attaining more support soon.
Technically speaking, the pair is expected to continue its upward trend shall it breached the resistance level at 1.4315 and stabilize above it, but if the pair breaks the pivotal support level at 1.4180, it will move south. The pair started today's session at 1.4246 and recorded the high of 1.4305 and the low of 1.4204.
GBP/USD inclined after the reported rise in retail sales beyond expectations during April, where unemployment rates decreased to 7.7% during the past three months ended in March supporting spending. The pair opened at 1.6165 and recorded the high of 1.6206 and the low of 1.6129 and expected to incline if stabilized above the support levels at 1.6150 and breaching the resistance at 1.6230 will take the pair to the next target at 1.6285.
USD/JPY declined to 81.85 after the data confirmed the deeper than expected growth contraction in Japan affected by the devastating quake that hit the nation on March 11, which froze the economic sectors in the third largest global economy.
The pair is trading now around 81.89 recording the high of 81.95 and expected to continue it upward trend if stabilizes above the neckline of the bullish technical pattern at 81.75 as can be seen over four-hour basis.