U.S. Dollar Pulls Back As Initial Jobless Claims Rise: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Retreats After Initial Jobless Claims Data

U.S. Dollar Index pulls back as traders react to the Initial Jobless Claims report. The report indicated that 224,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 215,000.

Currently, U.S. Dollar Index is trying to settle below the support at 106.00 – 106.15. In case this attempt is successful, U.S. Dollar Index will move towards the next support level, which is located in the 104.30 – 104.50 range.

EUR/USD Tested New Highs As Rebound Continued

EUR/USD gains ground despite the disappointing Euro Area Retail Sales report. The report showed that Retail Sales declined by 0.5% month-over-month in October, compared to analyst forecast of -0.3%. Germany’s Factory Orders decreased by 1.5% on a month-over-month basis, while analysts expected that they would drop by 2.0%.

If EUR/USD climbs above the 1.0600 level, it will get to the test of the nearest resistance level at 1.0620 – 1.0640.

GBP/USD Attempts To Settle Above 1.2750

GBP/USD is moving higher, supported by the better-than-expected Construction PMI report. The report indicated that Construction PMI increased from 54.3 in October to 55.2 in November, compared to analyst consensus of 53.4.

In case GBP/USD settles above the 1.2750 level, it will head towards the next resistance level at 1.2850 – 1.2870.

USD/CAD Is Losing Ground Amid Rising Demand For Commodity-Related Currencies

USD/CAD pulled back as traders focused on general weakness of the American currency.

If USD/CAD stays below the 50 MA at 1.4041, it will move towards the next support level, which is located in the 1.3930 – 1.3950 range.

USD/JPY Tests The 150.00 Level

USD/JPY remains stuck near the support level at 150.00 – 150.50 as traders wait for the Non Farm Payrolls report, which will be released tomorrow.

A move below the 150.00 level will push USD/JPY towards the next support level at 147.00 – 147.50.

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