U.S. Dollar Pulls Back As CB Consumer Confidence Misses Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Retreats As Traders Focus On Consumer Confidence Data

U.S. Dollar Index is losing some ground as traders react to the disappointing CB Consumer Confidence report. The report indicated that CB Consumer Confidence declined from 98.3 in February to 92.9 in March, compared to analyst forecast of 94.

If U.S. Dollar Index declines below the 50 MA at 103.79, it will head towards the support level at 103.20 – 103.40.

EUR/USD Is Mostly Flat As Traders React To Business Climate Data From Germany

EUR/USD is swinging between gains and losses as traders focus on the Ifo Business Climate report from Germany. The report showed that Ifo Business Climate improved from 85.2 in February to 86.7 in March, compared to analyst forecast of 86.7.

The nearest support level for EUR/USD is located in the 1.0760 – 1.0775 range. A move below this level will open the way to the test of the next support at 1.0630 – 1.0650.

GBP/USD Tests Resistance At 1.2935 – 1.2950

GBP/USD is moving higher as traders focus on the economic data from the U.S. Currently, GBP/USD is trying to settle above the resistance at 1.2935 – 1.2950.

In case this attempt is successful, GBP/USD will move towards the next resistance level at 1.3050 – 1.3070.

USD/CAD Moves Lower Amid Rising Demand For Commodity-Related Currencies

USD/CAD pulled back as traders focused on rising precious metals markets. Other commodity-related currencies gained some ground in today’s trading session.

If USD/CAD settles below the 1.4260 level, it will move towards the nearest support, which is located in the 1.4180 – 1.4200 range.

USD/JPY Pulls Back As BoJ Is Ready To Raise Rates

USD/JPY pulled back as BoJ Monetary Policy Meeting Minutes showed that central bank discussed the pace of additional rate hikes. Higher interest rates will provide support to the Japanese yen.

A successful test of the support at 149.00 – 149.50 will open the way to the test of the next support level at 146.50 – 147.00.

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