U.S. Dollar Gains Ground As Non Farm Payrolls Beat Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Tests Resistance At 99.00 – 99.20

U.S. Dollar Index gained ground as traders reacted to Non Farm Payrolls report, which indicated that the U.S. economy added 139,000 jobs in May. The report exceeded analyst forecasts.

Currently, U.S. Dollar Index is trying to settle above the resistance at 99.00 – 99.20. In case this attempt is successful, U.S. Dollar Index will move towards the next resistance level at 100.20 – 100.40.

EUR/USD Pulls Back As Germany’s Industrial Production Misses Estimates

EUR/USD moved lower as traders focused on the disappointing Industrial Production report from Germany. The report showed that Industrial Production decreased by -1.4% month-over-month in April, compared to analyst forecast of -1%.

In case EUR/USD declines below the 50 MA at 1.1374, it will head towards the support level at 1.1275 – 1.1290.

GBP/USD Attempts To Settle Below 1.3500

GBP/USD pulled back as traders reacted to Halifax House Price Index report. The report showed that house prices declined by -0.4% month-over-month in May, compared to analyst consensus of +0.4%.

A move below the 50 MA at 1.3515 will open the way to the test of the support level at 1.3420 – 1.3440.

USD/CAD Gains Ground As Traders Focus On Job Market Data

USD/CAD gained ground as traders focused on the Employment Change report from Canada. The report indicated that employment increased by 8,800 jobs in May, compared to analyst consensus of -15,000.

If USD/CAD settles back above the 1.3700 level, it will head towards the 50 MA at 1.3742.

USD/JPY Tests New Highs Amid Rising Treasury Yields

USD/JPY gained strong upside momentum, supported by the better-than-expected Non Farm Payrolls report. The yield of 2-year Treasuries climbed back above the 4.00% level, which was bullish for USD/JPY.

If USD/JPY settles above 145.00, it will move towards the 146.00 level. A move above this level will open the way to the test of the resistance level at 147.50 – 148.00.

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