U.S. Dollar Gains Ground After PPI Report: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Continues To Rebound From Recent Lows

U.S. Dollar Index gains ground as traders react to Producer Prices report for February. PPI remained unchanged on a month-over-month basis, compared to analyst forecast of +0.3%. Core PPI declined by -0.1%, while analysts expected that it would grow by +0.3%.

In case U.S. Dollar Index manages to settle above the 104.00 level, it will move towards the resistance at 104.30 – 104.50.

EUR/USD Settled Below The 1.0900 Level

EUR/USD pulled back despite the better-than-expected Euro Area Industrial Production report. The report showed that Industrial Production increased by 0.8% month-over-month in January, compared to analyst forecast of +0.6%.

If EUR/USD settles below the 1.0850 level, it will head towards the support level at 1.0760 – 1.0775.

GBP/USD Tests Resistance At 1.2935 – 1.2950

GBP/USD is losing some ground as traders react to U.S. economic data. From the technical point of view, GBP/USD continues its attempts to settle above the resistance at 1.2935 – 1.2950.

If GBP/USD manages to settle above the 1.2950 level, it will head towards the resistance level at 1.3050 – 1.3070.

USD/CAD Gains Ground Amid Pullback In The Oil Markets

USD/CAD is moving higher as traders focus on the pullback in the oil markets. Other commodity-related currencies have also found themselves under pressure in today’s trading session.

A move above the 1.4450 level will push USD/CAD towards the nearest resistance, which is located in the 1.4485 – 1.4500 range.

USD/JPY Retreats As Treasury Yields Move Lower

USD/JPY is under pressure as Treasury yields pull back. The yield of 2-year Treasuries declined towards the 3.95% level, while the yield of 10-year Treasuries settled below 4.30%.

In case USD/JPY declines below the 147.50 level, it will move towards the support level at 146.50 – 147.00.

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