StockMarketWire.com - The EUR/JPY broke through a 24-month level of ¥123.85 in today's trading as the euro continues to make fresh highs against the majority of it counterparts. Strength indicators have since pulled back from an overbought level, which now identifies the next area of resistance looks to be at ¥127.48.

EUR/USD pushed higher to $1.3579 as Italian bond purchases see yields on the ten-year fell to 4.17% from Decembers level of 4.48%, which could be an indication of confidence returning to the Euro zone.

The US dollar which saw gains following the better-than-expected ADP non-farm employment change (192k) wiped out as the data was followed by a much weaker-than-expected Q4 GDP figure of -0.01%.

Cable continues the rally as it reaches $1.5793 – the pair will be targeting a psychological level of $1.5805, which if broken should see a move higher with a target of $1.5886. The pair are well supported by strength indicators and both 50/100-day sma's.

The biggest mover of the day, so far is the NZD/CHF, falling 0.63% from 0.7718 to a low of 0.7622. The move is in hand with a large scale move into the Swiss franc, possibly by investors looking to decrease US dollar holdings ahead of the FOMC announcement later today (19:15GMT).

At market close:


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