The yen rebounded, paring its earlier losses, after the report showing that U.S. retail sales less auto slipped to -1.1% from the revised 0.6% while retail sales excluding auto and gas plummeted to -0.8% from the revised 0.6% which spurred demand on refuges.
On the other hand, the U.S. dollar pared three consecutive days of decline as it also rebounded to 87.34 from the day's opening at 87.00, as seen by the dollar index on the daily charts.
With regard to the euro-dollar pair, it is showing decline on the daily charts after rising for three straight days. The euro rebounded from the lowest level in four years versus against the green currency starting from Tuesday, but it failed to continue its rise as it hit strong resistance, prior support, at 1.2122 which paved the way for the euro's fall last Friday when it was breached. The 16-nation currency remains under pressure, despite the rebound witnessed this week, as officials are still introducing measures to contain the debt woes and regain financial stability.
Currently, the euro-dollar pair is trading at $1.2088, recording a low of 1.2078 and a high of 1.2152. For the rest of the day, the pair is predicted to move between support and resistance at 1.2045 and 1.2120 respectively.
As for the sterling-dollar pair, it fell sharply today after the drop in manufacturing for April to -0.4% from the revised 2.2%, and industrial production plummeted to -0.4% from 2.0% which provided clue that growth may be sluggish in the second quarter as the British economy was affected by fiscal crisis in the euro area, Britain's largest trading partner.
Meanwhile, the pair is trading at 1.4568 after reaching a high of 1.4758 and a low of 1.4533, while it is expected to move between support at 1.4540 and resistance at 1.4605.
Relative to the dollar-yen pair, it is trading near the opening price as seen on the daily charts. The confidence in markets retreated after the drop in retail sales which prompted investors to resort to the yen as safe haven. The pair is currently trading at 91.44 after hitting a high of 91.77 and a low of 91.20, whereas support is seen at 90.90 while resistance is at 91.80.