EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Flat As Traders React To Jobs Data

U.S. Dollar

U.S. Dollar Index is mostly flat as traders react to JOLTs Job Openings report, whcih indicated that Job Openings declined to 8.18 million in June, compared to analyst consensus of 8 million. Today, traders also focused on CB Consumer Confidence report. The report showed that Consumer Confidence increased from 97.8 in June to 100.3 in July, compared to analyst consensus of 99.7.

U.S. Dollar Index continues its attempts to settle above the resistance at 104.40 – 104.60. RSI remains in the moderate territory, so there is plenty of room to gain momentum. However, traders may stay cautious ahead of the Fed decision, which will be released tomorrow.

EUR/USD

EUR/USD is losing ground as traders focus on the second-quarter Euro Area GDP Growth Rate report, which showed that GDP increased by 0.3% on a quarter-over-quarter basis. In Germany, Inflation Rate increased from 2.2% in June to 2.3% in July, compared to analyst consensus of 2.2%.

In case EUR/USD declines below the support at 1.0785 – 1.0800, it will move towards the next support level at 1.0670 – 1.0690.

GBP/USD

GBP/USD is losing ground as traders prepare for the Fed Interest Rate Decision.

From the technical point of view, GBP/USD is moving towards the nearest support level, which is located in the 1.2780 – 1.2800 range.

USD/CAD

USD/CAD settled near the 1.3850 level as traders took some profits off the table after the strong rally.

If USD/CAD manages to settle above 1.3850, it will get to the test of the nearest resistance at 1.3880 – 1.3900.

USD/JPY

USD/JPY pulls back as raders prepare for the BoJ Interest Rate Decision, which will be released tomorrow. Analysts expect that BoJ will leave the interest rate unchanged. However, the central bank may signal that it is ready to raise rates later, providing additional support to the yen.

A move below the 153.00 level will push USD/JPY towards the nearest support at 151.50 – 152.00.

For a look at all of today’s economic events, check out our economic calendar.