The US dollar remained under pressure on Wednesday after the release of report on US Existing Home Sales. Existing home sales declined to 4.77 million last month as compared to 4.81 million in preceding month while analysts expected the increase of 4.92 million. The US dollar plunged 0.52 percent to 78.77 versus the Japanese Yen at the time of writing. The pair USD/JPY is expected to find support 78.71 while its resistance could be seen at 79.32.

The US dollar also weakened against its other counter parts as the single currency gained 0.42 percent to 1.4216 versus the greenback. The pair EUR/USD is expected to find support at 1.4015 while its resistance could be seen at 1.4240. The euro also gained 0.23 percent versus the Pound Sterling to 0.8800 whereas dropped 0.09 percent versus the Japanese Yen to 111.98 at the time of writing.

The US dollar also remained under pressure versus the British Pound as the pair GBP/USD advanced 0.22 percent to 1.6160 at the time of writing on Wednesday. The pair GBP/USD is expected to find support at 1.6006 while its resistance could be seen at 1.6178. British Pound however declined 0.29 percent versus the Japanese yen to 127.28.

The euro gained versus the greenback after touching its three week low on Thursday as Greece’s debt situation improved. As per the latest news more European Union officials showed their confidence that the country will receive the required funding.

Analysts now hold mixed opinions on the latest development as some believe that the pressure for the single currency is still there.

The euro surged to 1.4197 versus the US dollar on Thursday as compared to 1.4162 on Wednesday’s North American trading session. However the pair EUR/USD reached its three week low of 1.4072 in the session earlier but gained later on positive development.

The dollar index DXY which measures the US dollar’s movement against its six major counterparts declined to 75.476 on Thursday as compared to 75.630 on Wednesday’s late trading hours. However the index reached its high of 76 earlier in the session.

The British Pound plunged to 1.6152 versus the US dollar as compared to 1.6174 on Wednesday. Among other currencies the US dollar declined to 80.58 versus the Japanese Yen on Thursday as compared to 80.95 on late Wednesday.

The 17-nations shared currency reached its record low since 2009 as investors were uncertain whether the European official will be able to find the solution for Greece’s debt problems. The US dollar soared 2 percent versus the single currency as fears over euro zone’s sovereign debt problems rose. In the latest news Greece’s Prime Minister George Papandreou disclosed that there are chances that he would form a new government which is expected to result in hurdles in international aid for the country.

The dollar index DXY which measures the US dollar’s performance against its major six counterpart currencies surged to 75.630 as compared to 74.345 on Tuesday’s late trading hours.

The euro declined to1.4162 versus the greenback on Wednesday as compared to 1.4463 on Tuesday’s North American trading session. Wednesday’s fall is regarded as the biggest fall in a single day since March 2009.

The British Pound also witnessed selling pressure as investors were avoiding riskier assets. The Pound Sterling plunged to 1.6174 against the US dollar as compared to 1.6387 on late Tuesday. Most of the analysts believe that British Pound will follow the pattern of the euro.

Among other currencies the Australian dollar dropped to 1.0546 versus the US dollar on Wednesday as compared to 1.069 on Tuesday. The Australian currency dropped on the disappointing comments of Governor Royal Bank of Australia, Mr. Glenn Stevens.

As compared to the Japanese yen the US dollar gained to 80.95 on Wednesday as compared to 80.49 on Tuesday’s late trading hours.

The US dollar remained under pressure on Thursday in reaction to stronger US stock markets. The single currency and British Pound reached their highest in last 16 months while Australian dollar also posted substantial gains.

The dollar index DXY which measures the US dollar’s performance against its six major rival currencies dropped to 73.815 on Thursday as compared to 74.384 on Wednesday’s North American trading session.

Head of forex strategy Kit Juckes from Societe General commented, “The dollar’s controlled decline is beginning to look messy, that’s bad for all of us, because we need neither a crisis of confidence in the Treasury market, nor a collapse of business confidence in export-sensitive sectors of the European economy.”

The euro reached its highest in 16 months to 1.4684 versus the greenback but later settled around 1.4610 as compared to 1.4511 on Wednesday’s late trading hours. The recent remarks of ECB president Jean Claude Trichet supporting interest rate hike up to 1.25 percent created a wave of optimism among investors.

Likewise the British Pound also gained to touch its 16 months highest at 1.6568 against the US dollar. The Pound Sterling later settled to 1.6551 as compared to 1.6405 on late Wednesday.

Currency strategist Adrian Schmidt from Lloyds TSB commented, “The dollar remains under pressure and there is little reason to expect a rally except for the possibility of position-squaring into Easter,” he further added, But if positions haven’t been unwound by the combination of the Japanese earthquake, the Middle East crisis and EU periphery concerns, it is hard to see why they should be unwound because of a long weekend.”

The dollar also fell versus the Japanese Yen to 82.01 as compared to 82.41 on Wednesday while the Australian dollar gained 0.7 percent to 1.0749 versus the greenback on Thursday.

The US dollar declined on Thursday against its major counterpart currencies after the latest US economic report showing increased jobless claims and wholesale prices for the month of March. According to the latest data of US Labor Department the US jobs less claims increased to 412,000 in the last week whereas analysts were expecting jobless claims to decline to 380,000. Moreover another report also showed that US producer prices surged to 0.7 percent in the month of March slightly less from analysts’ expectations.

However, the core producer rate excluding food and energy categories surged to 0.3 percent which surpassed analysts’ expectations.

Global head of G-10 FX strategy Alan Ruskin from Deutsche Bank commented, “There is nothing here to change a view that the yen will be the beneficiary of any data that pushes Fed hikes further into the future.”

The dollar index DXY which measures the US dollar performance against its major rival currencies slipped to 74.617 but later recovered to 74.780 on Thursday as compared to 74.966 on Wednesday’s North American trading session.

The Japanese unit also weakened on disappointing US economic data as its movements are directly correlated with changes in US economic outlook. The US dollar however dropped to 83.29 against the Japanese Yen on Thursday as compared to 83.89 on Wednesday.

The British Pound also gained to 1.6348 against the greenback on Thursday as compared to 1.6274 on Wednesday’s late trading hours. The single currency on the other hand declined to 1.4458 versus the greenback as compared to 1.4448 on Wednesday.

The US dollar remained under pressure on Tuesday after several disappointing factors which included weak economic report and uncertainty over US Federal Reserve to increase key interest rates. The New Zealand Dollar surged 0.06 percent against the US dollar on Tuesday to 0.7687. The pair NZD/USD is expected to find support at the level of 0.7582 while resistance could be seen at the level of 0.7724. The New Zealand dollar also advanced versus the single currency and the Australian dollar as the pair EUR/NZD declined 0.13 percent to 1.8489 while AUD/NZD slipped 0.28 percent to 1.3452 at the time of writing.

The British Pound also advanced 0.95 percent against the greenback to 1.6284 on Tuesday. The pair GBP/USD is expected to find its support around 1.5973 while resistance could be seen at 1.6295. The British Pound also performed against the single currency and the Japanese unit. Pound Sterling gained 1.62 percent to 137.80 on Tuesday whereas the pair EUR/GBP declined 0.92 percent to 0.8734.

The Australian dollar slightly dropped versus the US unit by 0.02 percent to 1.0360 on Tuesday’s North American trading session. Support and resistance levels for the pair AUD/USD are expected to be around 1.0289 and 1.0417 respectively. The Australian unit also remained under pressure against the euro. The single currency gained 0.16 percent against the Australian dollar to 1.3746 whereas surged 0.66 percent to 87.68 against the Japanese Yen.

Canadian dollar gained 0.38 percent against the US dollar to 0.9633. The pair USD/CAD is likely to experience support at the level of 0.9616 while resistance is expected around 0.9730 on Tuesday.