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

U.S. Dollar Moves Away From Yearly Lows

U.S. Dollar Index gains ground as traders bet on a rebound from yearly lows. Today, traders had a chance to take a look at NY Empire State Manufacturing Index report for April. The report showed that NY Empire State Manufacturing Index improved from -20.0 to -8.1, compared to analyst consensus of -14.5.

Currently, U.S. Dollar Index is trying to settle above the resistance at 100.20 – 100.40. In case this attempt is successful, U.S. Dollar Index will move towards the next resistance level at 101.70 – 101.90.

EUR/USD Retreats As Germany’s Economic Sentiment Falls

EUR/USD is moving lower as traders focus on the disappointing ZEW Economic Sentiment Index from Germany. The report showed that Economic Sentiment declined from 51.6 in March to -14.0 in April, compared to analyst forecast of 9.5.

In case EUR/USD settles below the support at 1.1275 – 1.1290, it will head towards the next support level at 1.1185 – 1.1200.

GBP/USD Tested New Highs

GBP/USD gained some ground as traders reacted to Unemployment Rate report from the UK. The report indicated that Unemployment Rate remained unchanged in February, in line with analyst consensus.

If GBP/USD stays above the resistance at 1.3180 – 1,3200, it will head towards the next resistance at 1.3300 – 1.3320.

USD/CAD Gains Ground As Canada’s Inflation Rate Falls To 2.3%

USD/CAD gains ground as traders focus on Canada’s inflation data. Inflation Rate declined from 2.6% in February to 2.3% in March, compared to analyst forecast of 2.6%.

A successful test of the resistance at 1.3930 – 1.3950 will push USD/CAD towards the next resistance level at 1.4060 – 1.4080.

USD/JPY Stays Range-Bound

USD/JPY has settled in a range between the support at 141.50 – 142.00 and the resistance at 143.50 – 144.00.

In case USD/JPY climbs above the 144.00 level, it will move towards the 50 MA at 145.09.

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