U.S. Dollar Moves Towards Yearly Highs: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Gains Ground Despite Disappointing CB Consumer Confidence Data

U.S. Dollar Index is moving higher as traders react to the weaker-than-expected CB Consumer Confidence report. The report indicated that Consumer Confidence declined from 111.7 in November to 104.7 in December, compared to analyst forecast of 113.

The nearest resistance for U.S. Dollar Index is located in the 108.30 – 108.50 range. A move above the 108.50 level will push U.S. Dollar Index towards the next resistance at 109.40 – 109.60.

EUR/USD Attempts To Settle Below 1.0400

EUR/USD is losing ground as traders react to U.S. economic data. Today, traders also had a chance to take a look at U.S. Durable Goods Orders report for November. The report showed that Durable Goods Orders declined by 1.1% month-over-month in November, compared to analyst forecast of -0.4%.

In case EUR/USD settles below the 104.00 level, it will head towards the nearest support level at 1.0330 – 1.0345.

GBP/USD Is Losing Ground As UK GDP Growth Rate Misses Expectations

GBP/USD is losing ground as traders focus on the disappointing UK GDP Growth Rate report. The report indicated that GDP Growth Rate was 0% in the third quarter, compared to analyst consensus of +0.1%.

A move below the 1.2500 level will lead to the test of the support, which is located in the 1.2475 – 1.2490 range.

USD/CAD Climbed Above 1.4400

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

If USD/CAD climbs above the 1.4450 level, it will head towards the resistance at 1.4540 – 1.4560.

USD/JPY Is Moving Higher As Treasury Yields Rise

USD/JPY gains ground, supported by rising Treasury yields. The yield of 2-year Treasuries climbed towards the 4.35% level, while the yield of 10-year Treasuries settled above 4.55%.

In case USD/JPY settles above the 157.50 level, it will head towards the resistance at 158.50 – 159.00.

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