The euro and the pound declined slightly against the green currency in today's Asian session, ahead of the euro zone's GDP for the fourth quarter that is forecasted to show no changes from the previous three months. The yen continued to rally as investors' are targeting the low yielding currencies. The USDIX rose slightly in the Asian session to record a high of 80.09 and a low of 79.93, while it is currently trading around 80.00.
The market is waiting for the euro zone's GDP preliminary reading, besides the ECB and the BOE rate decisions as they may help determine whether recovery is undergoing or recession still taking place.
The euro dollar pair fell slightly after tow days of gains to record a low of 1.3674 and a high of 1.3712, having the union currency trading around 1.3675. The pair met the 1.3755 levels yesterday from where it began to decline back to the 1.3670 levels, but still the daily stochastic oscillator refer to the upside. However, the pair is having a support at 1.3525 along with a resistance at 1.3720, and the euro zone's GDP and rate decision will move the pair on release.
Regarding the pound dollar pair, it is consolidating between a high of 1.5100 and a low of 1.5067, having the royal currency trading around 1.5070. The pair is having a support at 1.4850 along with a resistance at 1.5175, and momentum indicators on the four hour charts are supporting the downside. The BOE will announce its rate decision today that will move the pair.
Finally, the dollar fell slightly against the Japanese yen to record a low of 88.34 and a high of 88.62, having the pair trading around 88.35. Today's support could be found at 87.75 along with a resistance at 89.70, and the pair is anticipated to show further declines according to the four hour stochastic oscillator. Data concerning the housing market, labor sector and factory orders in the U.S will be released today that may affect the market.