The dollar lost ground against the euro during the Asian session, as investors are waiting for the outcome from European officials meeting today. Expectations are to see more steps from officials to control the debt crisis, which is positive news for the single currency. The dollar index traded between the highest of 85.92 and the lowest of 85.47. The U.S calendar lacks fundamentals today and there's a strong potential for the major currencies to earn some ground against dollar paring its losses during the last period.
The euro versus the dollar traded during the Asian session between the highest at 1.2609 and the lowest at 1.2498. Now the pair is currently trading at 1.2609 level, between 1.2575 and 1.2645. Germany will release today the final reading for the GDP during the first quarter and the expectation is to see no change in the growth rate in Germany. The one-hour and four-hour momentum indicators point that the pair might decline as it traded in an overbought area. The pair today may reach 1.2730 after breaching the support level of 1.2685.
The pound dollar pair traded between the highest of 1.4454 and the lowest of 1.4341. Now the pair is trading around the 1.4445 levels between 1.4325 and 1.4515. The GBP/USD faces a strong resistance around 1.4445, and if this level is successfully breached it will open the way to the first target at 1.4600 then 1.4685.
The yen declined versus other majors, as the BOJ decided today to extend its lending program for one year in addition to pumping 1 trillion yen ($11.1 billion) in money markets, which forced the Japanese currency to retreat against majors. The dollar against the yen traded between the highest of 90.36 and the lowest of 89.76. Now the pair is trading around 90.20 levels between 89.75 and 90.80.