EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Stays Flat As PCE Inflation Meets Expectations

EUR/USD

EUR/USD is flat in quiet trading as most traders have taken a day off on Good Friday. Despite the holiday, traders had a chance to take a look at economic reports from the U.S. PCE Price Index increased by 0.3% month-over-month in February, compared to analyst consensus of +0.4%. The previous reading was revised from +0.3% to +0.4%. Personal Income increased by 0.3% month-over-month in February, compared to analyst consensus of +0.4%. Personal Spending grew by 0.8%, exceeding the analyst estimate of 0.5%.

EUR/USD settled below the previous support at 1.0810 – 1.0830 and made an attempt to settle below the 1.0770 level. A move below this level will push EUR/USD towards the next support at 1.0700 – 1.0720.

GBP/USD

GBP/USD remains stuck below the resistance at 1.2650 – 1.2685 as traders wait for catalysts.

In case GBP/USD stays below the 1.2650 level, it will head towards the resistance at 1.2530 – 1.2550.

USD/CAD

USD/CAD settled near the 1.3550 level as traders waited for the next week. Commodity markets are closed today, so there are no drivers for commodity-related currencies.

In case USD/CAD declines below the recent lows at 1.3525, it will get to the test of the nearest support level, which is located in the 1.3480 – 1.3500 range.

USD/JPY

USD/JPY is trading near the key resistance at 151.50 – 152.00. Traders worry about potential interventions from the BoJ but are not ready to buy the yen, which remains fundamentally weak due to the ultra-dovish policy of Japan’s central bank.

At this point, it looks that USD/JPY may be ready for another test of the key 152.00 level when most traders get back to work on Monday.

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