U.S. Dollar Pulls Back: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Moving Lower As Traders Focus On Producer Prices And Consumer Sentiment Data

U.S. Dollar Index is losing some ground as traders react to economic reports. PPI remained unchanged in September on a month-over-month basis, compared to analyst forecast of +0.1%. Core PPI increased by 0.2%, in line with analyst expectations. On a year-over-year basis, PPI and Core PPI exceeded estimates. Today, traders also focused on Michigan Consumer Sentiment report, which showed that Consumer Sentiment declined from 70.1 in September to 68.9 in October. Overall, the reports were neutral, so traders will have to wait for additional catalysts.

In case U.S. Dollar Index settles below the 102.70 level, it will head towards the nearest support level, which is located in the 102.00 – 102.20 range.

EUR/USD Attempts To Settle Above 1.0950

EUR/USD gains some ground as traders focus on the economic reports from the U.S.

In case EUR/USD climbs above the 1.0950 level, it will gain additional upside momentum and head towards the next resistance level at 1.1000 – 1.1015.

GBP/USD Gains Ground As UK Industrial Production Beats Expectations

GBP/USD continues to rebound from multi-week lows as traders react to economic reports from the UK. GDP increased by 0.2% month-over-month in August, in line with analyst estimates. Industrial Production grew by 0.5%, compared to analyst forecast of +0.2%.

A move above the 1.3100 level will lead to the test of the resistance at 1.3120 – 1.3140.

USD/CAD Moves Higher As Canada’s Unemployment Rate Drops To 6.5%

USD/CAD continues to move higher as traders focus on Canada’s Unemployment Rate report. The report showed that Unemployment Rate declined from 6.6% in August to 6.5% in September, compared to analyst forecast of 6.7%.

From the technical point of view, USD/CAD continues to move towards the nearest resistance level, which is located in the 1.3800 – 1.3815 range.

USD/JPY Climbed Above 149.00

USD/JPY moved above the 149.00 level as traders remained bullish ahead of the weekend.

A move above the nearest resistance at 149.50 – 150.00 will push USD/JPY towards the next resistance level at 153.00 – 153.50.

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