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

U.S. Dollar Is Losing Ground As Traders Focus On Economic Data

U.S. Dollar Index is losing ground as traders react to Initial Jobless Claims report. The report indicated that 222,000 Americans filed for unemployment benefits in a week, in line with analyst consensus.

In case U.S. Dollar Index settles below the 50 MA at 99.30, it will move towards the nearest support level, which is located in the 98.80 – 99.00 range.

EUR/USD Is Moving Higher As Germany’s Business Climate Improves

EUR/USD moved higher as traders focused on the better-than-expected Ifo Business Climate report from Germany. The report showed that Business Climate increased from 86.7 in March to 86.9 in April, compared to analyst forecast of 85.2.

A move above the 50 MA at 1.1390 will open the way to the test of the resistance level at 1.1450 – 1.1470.

GBP/USD Rebounds As Traders Buy The Dip

GBP/USD is moving higher as traders focus on general weakness of the American currency.

If GBP/USD manages to settle above the 1.3320 level, it will head toward the next resistance level at 1.3400 – 1.3420.

USD/CAD Is Mostly Flat Despite Rising Oil Markets

USD/CAD is mostly flat as traders wait for additional catalysts. Other commodity-related currencies are moving higher in today’s trading session.

The nearest resistance level for USD/CAD is located in the 1.3930 – 1.3950 range. A move above the 1.3950 level will push USD/CAD towards the resistance at 1.4030 – 1.4050.

USD/JPY Retreats As Treasury Yields Move Lower

USD/JPY declined as traders focused on the pullback in Treasury yields. The yield of 2-year Treasuries declined below the 3.80% level, while the yield of 10-year Treasuries pulled back towards 4.30%.

A successful test of the support at 141.50 – 142.00 will open the way to the test of the next support level at 139.50 – 140.00.

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