Forex Blog by Greg Secker

Today the Japanese Yen strengthened against majors, on speculations that China will cut its investment production, which aroused skeptics concerning economic recovery. After rising for three consecutive days, the U.S. dollar slightly changed today. The dollar index; a gauge of the dollar’s strength vis-à-vis six major currencies, is now at 78.62 from yesterday’s closing at 78.60. The euro-dollar is trading with a downside bias. Meanwhile, the euro is traded at 1.4245 recording a high of 1.4268 and low of 1.4217, where the pair is supported by 1.4235 and faces the coming resistance of 1.4255. Sterling is showing weakness. So far, the pound is trading at 1.6195 setting a high of 1.6249 and a low of 1.6179; while the coming support for the pair is seen at 1.6172 and the resistance is spotted at 1.6225. The dollar-yen pair is showing a downside tendency, reflecting the fears in markets, ahead of the release of important U.S. data later on today. Now, the pair is trading around 93.67, after hitting a high of 94.29 and a low of 93.36; while the pair is currently facing the coming support level at 93.50, while the resistance is spotted at 93.80.

 

Due for release today, according to Greg Secker, there are the USD Personal Consumption, USD Core Personal Consumption Expenditure, USD Gross Domestic Product Price, USD Initial Jobless Claims,  GBP GfK Consumer Confidence Survey, JPY Manufacturing PMI and JPY Jobless Rate.