U.S. Dollar Gains Ground As Traders Focus On PMI Data: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Gains Ground Ahead Of The Weekend

U.S. Dollar Index gains ground despite disappointing Composite PMI report, which showed that Composite PMI decreased from 52.7 in January to 50.4 in February.

The nearest resistance level for U.S. Dollar Index is located in the 106.80 – 107.00 range. A move above the 107.00 level will push U.S. Dollar Index towards the next resistance at 108.30 – 108.50.

EUR/USD Pulls Back As Traders React To PMI Reports

EUR/USD pulls back as traders react to the weak Services PMI data from the EU. Services PMI decreased from 51.3 in January to 50.7 in February, compared to analyst forecast of 51.5.

In case EUR/USD settles below the support at 1.0420 – 1.0435, it will head towards the next support level, which is located in the 1.0300 – 1.0315 range.

GBP/USD Moves Lower As Traders Ignore The Strong Retail Sales Report

GBP/USD moved lower despite the better-than-expected UK Retail Sales report. The report showed that Retail Sales increased by +1.7% month-over-month in January, compared to analyst forecast of +0.3%.

From the technical point of view, GBP/USD needs to stay above the support at 1.2600 – 1.2615 to have a chance to gain upside momentum in the near term.

USD/CAD Gains Ground Amid Pullback In Commodity Markets

USD/CAD is moving higher as traders react to the strong pullback in the oil markets. Other commodity-related currencies are also losing ground in today’s trading session.

A move above the 50 MA at 1.4218 will open the way to the test of the resistance level at 1.4330 – 1.4350.

USD/JPY Tests The 149.50 Level As Treasury Yields Pull Back

USD/JPY continues its attempts to settle below the support at 149.00 – 149.50 as traders focus on falling Treasury yields.

A successful test of this level will push USD/JPY towards the next support, which is located in the 146.50 – 147.00 range.

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