U.S. Dollar Is Flat As GDP Growth Rate Misses Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Volatile As Traders React To GDP Data

U.S. Dollar Index is mostly flat as traders react to GDP Growth Rate report. The report indicated that GDP Growth Rate was +2.3% in the fourth quarter, compared to analyst consensus of +2.6%.

In case U.S. Dollar Index manages to settle back above the 108.00 level, it will move towards the resistance level at 108.30 – 108.50.

EUR/USD Is Flat After ECB Interest Rate Decision

EUR/USD is swinging between gains and losses as traders focus on ECB Interest Rate Decision. The European Central Bank cut the rate from 3.15% to 2.9%, in line with analyst estimates. The ECB signaled that it may cut rates further despite rising inflation as the European economy remains under strong pressure.

In case EUR/USD declines below the 1.0400 level, it will move towards the nearest support level, which is located in the 1.0335 – 1.0350 range.

GBP/USD Moves Towards The Resistance At 1.2485 – 1.2500

GBP/USD is flat as traders focus on general market sentiment and react to the recent economic data from the U.S.

The nearest resistance level for GBP/USD is located in the 1.2485 – 1.2500 range. A move above the 1.2500 level will push GBP/USD towards the next resistance at 1.2585 – 1.2600.

USD/CAD Settled Above The 1.4400 Level

USD/CAD is little changed despite the rally in precious metals markets. Other commodity-related currencies are mostly flat in today’s trading session.

If USD/CAD settles back below the 50 MA at 1.4380, it will move towards the support level at 1.4330 – 1.4350.

USD/JPY Remains Under Pressure

USD/JPY tested support at 153.50 – 154.00 but lost momentum and rebounded towards the 154.50 level.

A successful test of the support at 153.50 – 154.00 will push USD/JPY towards the 152.00 level. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

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