Appreciation of the Dollar

EUR/USD

eurusdHaving ranged in the low level for a while now, the EUR/USD currency pair hit a new level (1.0600) on Friday, closer to its support level (1.0550). This change may be attributed to the shift by FOMC members in accordance with the hawkish comments from, which cause the dollar to strengthen. This downward trend is estimated to continue because the European Union situation is not improving.

GBP/USD

As of Friday, the US dollar had appreciated against the GBP to hit 1.4585. This caused an FOMC member, Jeffrey Lacker, to echo his opinion that the interest rates should be increased in June, should there be no relevant data to support the opposite trend for this currency pair. Other FOMC members have also supported his opinion. At the same time, the U.K outlook has declined owing to the unclear circumstances surrounding the upcoming elections.
Since no important economic events are expected to be released today, this currency pair is expected to range between its resistance of 1.4725 and support 1.4565.

John Miller
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John Miller

John Miller is the main author of content here at 7 Binary Options. He’s also the brand’s lead investment consultant. He’s been working for 7 Binary Options since April 2014 and brings a wealth of knowledge and experience to his role. He’s played a crucial part in developing the site and helping it grow. In his role as writer and consultant, John’s keen to help others get ahead in the ever-changing world of binary options and forex trading. He’s always happy to advise others, whether it’s complete beginners learning the ropes or more experienced traders looking for some hints and tips. John certainly knows what he’s talking about. He graduated from California State University in 2008 with a Master’s Degree in Investments and Securities. Since entering the world of work, he’s continued to put his degree to use. He’s spent over a decade working in the investment banking sector and thanks to his foresight, skills and education, he’s in a prime position to offer help to others looking to start investing.