The Japanese yen and U.S. dollar slipped against higher-yielding currencies as rebound in global shares dipped demand on refuges. The dollar index, which tracks the dollar movements versus a basket of major currencies, plummeted to 84.26 from the day's opening at 84.53.
Asian, European, and U.S. equities advanced as companies raised its earnings forecasts which caused shares to rebound from its drop witnessed recently.
With regard to the euro-dollar pair, it rebounded on the daily and 4-hour charts after getting support at 1.2523 which helped the pair to surge to 1.2596, where the pair is currently trading. Earlier today, the pair recorded a high of 1.2606 and a low of 1.2478, whereas for the rest of the day the pair is predicted to move between support and resistance at 1.2505 and 1.2605 respectively. Today, the euro zone lacked economic fundamentals before the release of GDP final reading for the first quarter where the 16-nation region is predicted to grow 0.2% on the quarter and 0.6% on the year.
As for the sterling-dollar pair, it is moving to the upside to pare some of yesterday's drop where the pair is continuing its upside trend that started since mid May in the absence of economic figures from the United Kingdom. The breach of 1.5055 level paved the way for the pair to rise to 1.5180 where it is traded meanwhile. The pair is recorded a high of 1.5206 and a low of 1.5079, while it is expected to move between support at 1.5130 and resistance at 1.5205.
Relative to the dollar-yen pair, it is moving sideways on the daily charts as the pair halted its downside fall. Meanwhile, the pair is trading at 87.80, recording a high of 87.98 and a low of 87.39, whereas support is seen at 87.30 while resistance is at 88.00.