EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Pulls Back As JOLTs Job Openings Miss Expectations

Key Insights

• U.S. dollar moved lower as traders reacted to the disappointing job market data. 
• EUR/USD rebounded despite discouraging consumer confidence data from Germany.
• USD/JPY declined as traders focused on falling Treasury yields. 

U.S. Dollar

U.S. Dollar Index is losing ground as traders react to the JOLTs Job Openings report, which showed that JOLTs Job Openings declined from 9.165 million (revised from 9.582 million) to 8.827 million.

In case U.S. Dollar Index manages to settle below the support at 103.40 – 103.65, it will head towards the next support level, which is located in the 102.00 – 102.15 range.

EUR/USD

EUR/USD moves higher as traders focus on the disappointing job market data from the U.S. Germany’s GfK Consumer Confidence report, which showed that Consumer Confidence declined from -24.6 in August to -25.5 in September, did not have a material negative impact on the euro.

In case EUR/USD manages to settle back above the resistance at 1.0835 – 1.0850, it will head towards the next resistance level, which is located at 1.0950 – 1.0975.

GBP/USD

GBP/USD remains stuck near the support level at 1.2590 – 1.2620 as traders focus on the strong pullback in Treasury yields.

If GBP/USD manages to settle above the 1.2620 level, it will gain additional upside momentum and head towards the next resistance, which is located in the 1.2725 – 1.2750 range.

USD/CAD

USD/CAD pulled back as WTI oil settled back above the $80.00 level. The general weakness of the U.S. dollar served as an additional bearish catalyst for USD/CAD.

If USD/CAD settles below the 1.3600 level, it will move towards the nearest support level, which is located in the 1.3500 – 1.3520 range.

USD/JPY

USD/JPY moved lower as traders reacted to the dynamics of Treasury yields. USD/JPY remains extremely sensitive to the situation in Treasury markets due to the ultra-dovish policy of the BoJ.

If USD/JPY settles below the 50 MA at 145.90, it will head towards the support level at 144.65 – 145.00.

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