U.S. Dollar Gains Ground As Initial Jobless Claims Drop To 231,000: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Rebounds From Yearly Lows

U.S. Dollar Index gains ground as traders focus on the better-than-expected Initial Jobless Claims report. The report showed that 231,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 240,000.

Currently, U.S. Dollar Index is trying to settle above the resistance level at 97.10 – 97.25. In case this attempt is successful, U.S. Dollar Index will head towards the next resistance at 98.00 – 98.20.

EUR/USD Is Under Pressure

EUR/USD is losing ground as traders stay focused on Powell’s comments and take profits after the recent move.

If EUR/USD settles below the 50 MA at 1.1760, it will head towards the next support level, which is located in the 1.1685 – 1.1700 range.

GBP/USD Retreats As BoE Leaves Rates Unchanged

GBP/USD is moving lower as traders react to BoE Interest Rate Decision. The BoE left the interest rate unchanged at 4%, in line with analyst estimates. Two BoE members voted for a cut, in line with analyst estimates.

In case GBP/USD settles below the 1.3550 level, it will head towards the next support, which is located in the 1.3485 – 1.3500 range.

USD/CAD Gains Ground As Demand For Commodity-Related Currencies Declines

USD/CAD is moving higher as traders focus on the pullback in gold markets. Other commodity-related currencies are also losing ground in today’s trading session.

A move above the 50 MA at 1.3811 will push USD/CAD towards the next resistance level at 1.3845 – 1.3860.

USD/JPY Moves Higher Ahead Of BoJ Interest Rate Decision

USD/JPY tests resistance at 147.50 – 148.00 as traders focus on rising Treasury yields and prepare for BoJ Interest Rate Decision, which will be released tomorrow.

In case USD/JPY manages to settle above the 148.00 level, it will head towards the next resistance level, which is located in the 151.00 – 151.50 range.

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