EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Mostly Flat After Retail Sales Data

U.S. Dollar

U.S. Dollar Index is mostly flat as traders react to the Retail Sales report, which indicated that Retail Sales increased by 0.1% month-over-month in May. Analysts expected that Retail Sales would grow by 0.2%, so the report missed analyst estimates. Retail Sales Ex Autos declined by 0.1%, compared to analyst consensus of +0.2%.

In case U.S. Dollar Index declines below the 50 MA at 105.12, it will move towards the nearest support level, which is located in the 104.40 – 104.60 range.

EUR/USD

EUR/USD is flat as traders react to the Euro Area ZEW Economic Sentiment Index report for June. The report showed that Economic Sentiment increased from 47 in May to 51.3 in June, compared to analyst consensus of 47.8. Today, traders also had a chance to take a look at the final reading of the Euro Area Inflation Rate report for May. The report indicated that Inflation Rate increased from 2.4% to 2.6%, in line with analyst forecasts.

If EUR/USD manages to settle above the 50 MA at 1.0767, it will head towards the resistance at 1.0785 – 1.0800.

GBP/USD

GBP/USD is losing ground after an unsuccessful attempt to settle above the 1.2700 level.

In case GBP/USD settles below the support at 1.2670, it will gain additional downside momentum and move towards the next support at 1.2550 – 1.2575.

USD/CAD

USD/CAD is losing some ground as traders focus on the continuation of the rally in the oil markets. Other commodity-related currencies are also moving higher in today’s trading session.

A move below the 1.3700 level will open the way to the test of the nearest significant support level at 1.3600 – 1.3620.

USD/JPY

USD/JPY remains stuck below the key resistance at 158.00 – 158.50 as bulls are worried that BoJ may intervene in case USD/JPY moves closer to the 160.00 level.

RSI remains in the moderate territory, so there is plenty of room to gain upside momentum in case the right catalysts emerge.

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