EUR/USD, GBP/USD, AUD/USD, USD/JPY – U.S. Dollar Is Mostly Flat In Quiet Trading

Key Insights

• Markets are calm due to the holiday in the U.S. 
• Commodity-related currencies are gaining ground amid a broad rebound in commodity markets. 
• USD/JPY remains stuck near the 134 level. 

U.S. Dollar

U.S. dollar is mostly flat against a broad basket of currencies as traders are not ready for big moves during the U.S. holiday. It’s a slow news day, so the U.S. Dollar Index may remain stuck near the 104 level.

EUR/USD

EUR/USD remains stuck near the 50 EMA after the release of the Euro Area Consumer Confidence report.

The report indicated that Euro Area Consumer Confidence declined from -20.9 in January to -19 in February, in line with the analyst consensus. The report had no impact on currency dynamics as it met analyst estimates.

GBP/USD

GBP/USD made an attempt to settle above the 1.2050 level but failed to develop sufficient momentum and pulled back.

Last week, GBP/USD received strong support below the 1.2000 level despite rising Treasury yields. Most likely, GBP/USD will need additional catalysts to settle below this important level.

AUD/USD

AUD/USD gained upside momentum amid a broad rebound in commodity markets. Currently, AUD/USD is trying to settle above the 0.6900 level. In case this attempt is successful, AUD/USD will head towards the 20 EMA, which is located at 0.6940.

Other commodity-related currencies are also moving higher in today’s trading session. NZD/USD climbed above the 0.6250 level, while USD/CAD settled near 1.3450.

USD/JPY

USD/JPY settled near the 134 level as traders continued to take profits after the recent rally. RSI remains in the moderate territory, so there is enough room to gain additional upside momentum in case the right catalysts emerge. If USD/JPY manages to stay above the 134 level, it will have a good chance to test the recent highs near the 135 level.

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