EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Pulls Back As JOLTs Job Openings Miss Expectations

U.S. Dollar

U.S. Dollar Index pulled back as JOLTs Job Openings report missed analyst expectations. The report indicated that JOLTs Job Openings declined from 7.91 million in June to 7.67 million in July, compared to analyst forecast of 8.1 million. Today, traders also took a look at the Factory Orders data for July. The report showed that Factory Orders increased by 5% month-over-month, compared to analyst consensus of 4.7%. This report did not provide support to the American currency as traders focused on job market data.

In case U.S. Dollar Index settles below the 50 MA at 101.25, it will move towards the nearest support level at 100.80 – 101.00.

EUR/USD

EUR/USD gains ground as traders react to the final reading of the Euro Area Services PMI report, which indicated that Services PMI increased from 51.9 in July to 52.9 in August.

The nearest resistance level for EUR/USD is located in the 1.1110 – 1.1135 range. A move above the 1.1135 level will open the way to the test of the next resistance level at 1.1250 – 1.1275.

GBP/USD

GBP/USD gains ground, supported by the better-than-expected UK Services PMI report. The report showed that UK Services PMI increased from 52.5 in July to 53.7 in August, compared to analyst consensus of 53.3.

If GBP/USD climbs above the 50 MA at 1.3170, it will head towards the resistance at 1.3280 – 1.3300.

USD/CAD

USD/CAD pulls back as traders react to the BoC Interest Rate Decision. Canada’s central bank cut the rate from 4.5% to 4.25%, in line with analyst expectations.

A successful test of the support at 1.3480 – 1.3500 will push USD/CAD towards the next support level at 1.3360 – 1.3380.

USD/JPY

USD/JPY tests new lows as traders focus on the pullback in Treasury yields. The yield of 2-year Treasuries declined below the 3.80% level, while the yield of 10-year Treasuries has also settled below 3.80%.

In case USD/JPY settles below the 144.00 level, it will continue to move towards the nearest support level, which is located in the 141.80 – 142.50 range.

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