U.S. Dollar Gains Some Ground As Treasury Yields Rise: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Attempts To Settle Back Above 1.0700

U.S. Dollar Index gained some ground as traders focused on rising Treasury yields. The yield of 2-year Treasuries climbed above the 4.28% level, while the yield of 10-year Treasuries settled above 4.50%.

If U.S. Dollar Index settles back above the 107.00 level, it will head towards the 50 MA at 107.55.

EUR/USD Retreats As Euro Area Economic Sentiment Index Misses Estimates

EUR/USD moved lower as traders rected to Euro Area Economic Sentiment Index report. The report showed that Economic Sentiment increased from 18 in January to 24.2 in February, compared to analyst consnesus of 24.3.

In case EUR/USD settles above the 1.0470 level, it will head towards the nearest resistance, which is located in the 1.0515 – 1.0530 range.

GBP/USD Tests The 1.2600 Level As UK Unemployment Rate Stays Unchanged

GBP/USD remains stuck near the resistance at 1.2600 – 1.2615 as traders focus on the better-than-expected UK Unemployment Rate report. The report indicated that Unemployment Rate remained unchanged at 4.4% in December, compared to analyst forecast of 4.5%.

A move above the 1.2615 level will open the way to the test of the next resistance level at 1.2715 – 1.2730.

USD/CAD Is Stuck Near 1.4200 As Canada’s Core Inflation Rate Rises To 2.1%

USD/CAD is mostly flat after the release of inflation data from Canada. Inflation Rate increased from 1.8% in December to 1.9% in January, while Core Inflation Rate grew from 1.8% to 2.1%.

In case USD/CAD settles above the 1.4200 level, it will move towards the 50 MA at 1.4262.

USD/JPY Tries To Settle Below The 151.50 Level

USD/JPY gained some ground, supported by rising Treasury yields. However, this move was not strong as traders bet that BoJ may be more hawkish than previously expected.

A successful test of the support level at 151.50 – 152.00 will push USD/JPY towards the next support level at 149.00 – 149.50.

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