U.S. Dollar Retreats As Michigan Consumer Sentiment Misses Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Retreats As Traders React To Economic Reports

U.S. Dollar Index pulls back as traders focus on the disappointing Michigan Consumer Sentiment report. The report indicated that Consumer Sentiment decreased from 64.7 in February to 57.0 in March, compared to analyst forecast of 57.9.

In case U.S. Dollar Index settles below the 50 MA at 104.04, it will move towards the next support level, which is located in the 103.20 – 103.40 range.

EUR/USD Gains Ground As Traders Focus On Tariffs

EUR/USD gains ground amid reports indicating that the EU is ready to make concessions in order to remove some of the U.S. tariffs.

If EUR/USD climbs above the 50 MA at 1.0830, it will gain additional upside momentum and move towards the resistance level at 1.0920 – 1.0935.

GBP/USD Is Mostly Flat Ahead Of The Weekend

GBP/USD remains stuck near the resistance level at 1.2935 – 1.2950 despite the encouraging Retail Sales report from the UK. The report showed that UK Retail Sales increased by 1% month-over-month in February, compared to analyst consensus of -0.3%.

In case GBP/USD settles above the 1.2950 level, it will move towards the next resistance level at 1.3050 – 1.3070. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

USD/CAD Pulled Back Below 1.4300

USD/CAD faced resistance at 1.4330 – 1.4350 and pulled back below the 1.4300 level.

If USD/CAD stays below 1.4300, it will head towards the nearest support level, which is located in the 1.4180 – 1.4200 range.

USD/JPY Is Losing Ground As Treasury Yields Pull Back

USD/JPY is losing ground as traders focus on the strong pullback in Treasury yields. The yield of 2-year Treasuries settled near the 3.90% level, while the yield of 10-year Treasuries pulled back towards 4.25%.

A move below the 50 MA at 149.87 will push USD/JPY towards the support at 149.00 – 149.50.

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