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

U.S. Dollar Is Mostly Flat As Traders Wait For Stronger Catalysts

U.S. Dollar Index is mostly flat as traders react to NY Empire State Manufacturing Index report. The report showed that NY Empire State Manufacturing Index declined from 11.5 in September to -11.90 in October, compared to analyst consensus of +3.8.

In case U.S. Dollar Index manages to settle above the nearest resistance at 103.40 – 103.60, it will move towards the next resistance, which is located in the 104.60 – 104.80 range.

EUR/USD Attempts To Settle Below 1.0900

EUR/USD is moving lower as traders focus on the ZEW Economic Sentiment Index report. The report showed that Euro Area Economic Sentiment increased from 9.3 in September to 20.1 in October, compared to analyst forecast of 16.9. Euro Area Industrial Production increased by 1.8% month-over-month in August.

A successful test of the support at 1.0900 – 1.0915 will push EUR/USD towards the next support level at 1.0765 – 1.0780.

GBP/USD Moved Higher As UK Unemployment Rate Declined To 4.0%

GBP/USD gained some ground as traders reacted to the better-than-expected Unemployment Rate report. The report showed that UK Unemployment Rate declined from 4.1% in July to 4.0% in August, while analysts expected that it would remain unchanged.

If GBP/USD climbs above the 1.3100 level, it will get to the test of the nearest resistance level at 1.3120 – 1.3140.

USD/CAD Moved Away From Session Highs Amid Profit-Taking

USD/CAD pulled back from session highs as traders took some profits off the table after the strong rally. Today, traders focused on inflation data from Canada. Inflation Rate declined from 2% in August to 1.6% in September, while Core Inflation Rate increased from 1.5% to 1.6%.

A move below the 1.3800 level may trigger a wave of profit-taking as USD/CAD climbed from 1.3500 to 1.3800 without any pullback.

USD/JPY Faced Strong Resistance At 149.50 – 150.00

USD/JPY remains stuck below the strong resistance level at 149.50 – 150.00 as traders focus on the pullback in Treasury yields.

If USD/JPY settles below the 50 MA at 148.49, it will head towards the nearest support level at 146.00 – 146.50.

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