U.S. Dollar Tests New Lows As Inflation Rate Misses Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Remains Under Pressure

U.S. Dollar Index tests new lows as traders react to inflation data. Inflation Rate declined from 2.8% in February to 2.4% in March, compared to analyst forecast of 2.6%. Tariff worries put additional pressure on the American currency.

U.S. Dollar Index settled below the support at 101.70 – 101.90 and is moving towards the next support at 100.20 – 100.40. RSI is close to the oversold territory, but there is enough room to gain additional downside momentum in the near term.

EUR/USD Tests New Highs

EUR/USD tests new highs as traders react to U.S. inflation data and monitor the tariff drama.

Currently, EUR/USD is trying to settle above the resistance level at 1.1185 – 1.1200. In case this attempt is successful, EUR/USD will move towards the next resistance, which is located in the 1.1275 – 1.1290 range.

GBP/USD Tests Resistance At 1.2980 – 1.3000

GBP/USD is moving higher as traders focus on general weakness of the American currency.

A move above the resistance at 1.2980 – 1.3000 will push GBP/USD towards the next resistance level at 1.3080 – 1.3100.

USD/CAD Tests New Lows Despite Falling Oil Markets

USD/CAD pulls back as demand for commodity-related currencies is rising despite the strong sell-off in the oil markets.

From the technical point of view, USD/CAD managed to settle below the support at 1.4060 – 1.4080 and is moving towards the next support level, which is located in the 1.3930 – 1.3950 range.

USD/JPY Is Moving Towards The Support At 143.50 – 144.00

USD/JPY is losing ground as pullback continues. The yield of 2-year Treasuries is moving lower, which is bearish for USD/JPY.

In case USD/JPY manages to settle below the support level at 143.50 – 144.00, it will move towards the next support at 141.50 – 142.00.

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