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

U.S. Dollar Gains Ground At The Start Of The Week

U.S. Dollar Index gains ground as traders react to ISM Manufacturing PMI report, which indicated that ISM Manufacturing PMI improved from 46.5 in October to 48.4 in November. Analysts expected that ISM Manufacturing PMI would increase to 47.5, so the report beat expectations.

In case U.S. Dollar Index settles above the 50 MA at 106.60, it will move towards the nearest resistance level, which is located in the 107.10 – 107.30 range.

EUR/USD Pulls Back As Germany’s Manufacturing Sector Remains Under Pressure

EUR/USD is losing ground as traders focus on the final reading of Germany’s Manufacturing PMI report for November, which showed that Manufacturing PMI remained unchanged at 43.0. Numbers below 50 show contraction.

From the technical point of view, EUR/USD settled below the support at 1.0525 – 1.0540 and is moving towards the next support level at 1.0435 – 1.0450.

GBP/USD Retreats As UK Manufacturing PMI Falls To 48.0

GBP/USD is under pressure as traders focus on the disappointing Manufacturing PMI report, which showed that Manufacturing PMI declined from 49.9 in October to 48.0 in November.

A move below the 50 MA at 1.2624 will open the way to the test of the support level at 1.2575 – 1.2590.

USD/CAD Is Moving Higher As Commodity Markets Pull Back

USD/CAD gains ground as traders focus on the pullback in commodity markets. Other commodity-related currencies are also losing ground in today’s trading session.

If USD/CAD settles above the 1.4070 level, it will get to the test of the nearest resistance level at 1.4100 – 1.4120.

USD/JPY Remains Under Strong Pressure

USD/JPY tests new lows as the strong pullback continues. Traders focus on rising yields of Japanese government bonds.

If USD/JPY stays below the 150.00 level, it will move 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.