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 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 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 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 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.
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.