EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Flat As Traders Wait For Inflation Data

Vladimir Zernov
Updated: Apr 9, 2024, 19:08 GMT+00:00

Key Points:

  • EUR/USD settled near 1.0850 after an unsuccessful attempt to climb above 1.0885.
  • GBP/USD gained some ground as UK Retail Sales data exceeded analyst expectations.
  • USD/JPY did not manage to climb above the key 152.00 level.

In this article:

U.S. Dollar

DXY 090424 4h Chart

U.S. Dollar Index  is flat ahead of CPI data, which will be released tomorrow. Analysts expect that Inflation Rate increased from 3.2% in February to 3.4% in March, while Core Inflation Rate declined from 3.8% to 3.7%.

From the technical point of view, U.S. Dollar Index is stuck between the support at 103.50 – 103.75 and the resistance at 104.40 – 104.60.


EUR/USD 090424 4h Chart

EUR/USD is also flat as traders wait for catalysts. Inflation data from the U.S. will likely have a significant impact on forex markets. Treasury yields are moving lower, but this move does not put any material pressure on the American currency.

In case EUR/USD settles back below the 1.0850 level, it will head towards the nearest support, which is located in the 1.0810 – 1.0830 range.


GBP/USD 090424 4h Chart

GBP/USD continued its attempts to settle above the resistance at 1.2650 – 1.2685. BRC Retail Sales Monitor indicated that Retail Sales increased by 3.2% year-over-year in March, providing support to the British pound.

In case GBP/USD manages to settle above the 1.2685 level, it will move towards the next resistance, which is located in the 1.2800 – 1.2825 range.


USD/CAD 090424 4h Chart

USD/CAD is mostly flat in volatile trading. Precious metals markets continued to move higher, which was bullish for the Canadian dollar. However, the pullback in the oil markets put some pressure on the Canadian currency.

USD/CAD remains stuck below the resistance at 1.3600 – 1.3620. Most likely, it will need significant catalysts to move above the 1.3620 level.


USD/JPY 090424 4h Chart

USD/JPY did not manage to settle above the 152.00 level amid worries about potential interventions from the BoJ.

However, USD/JPY stays close to the key resistance at 152.00. RSI is in the moderate territory, so there is plenty of room to gain upside momentum in case USD/JPY climbs above the 152.00 level.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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