U.S. Dollar Gains Ground As Traders Focus On New Tariff Rates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests New Highs

U.S. Dollar Index gains ground as traders focus on Trump’s tariff policy. U.S. President sent multiple letters to countries that have not reached a deal with the U.S., including Japan and South Korea.

The nearest resistance level for U.S. Dollar Index is located in the 98.00 – 98.20 range. In case U.S. Dollar Index climbs above the 98.20 level, it will move towards the next resistance at 99.20 – 99.40.

EUR/USD Is Losing Ground As Traders Focus On Tariff News

EUR/USD continues its attempts to settle below the nearest support level, which is located in the 1.1675 – 1.1690 range.

If EUR/USD manages to settle below the 1.1675 level, it will move towards the next support level at 1.1575 – 1.1590. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in the near term.

GBP/USD Tested New Lows

GBP/USD tested news lows but lost momentum and climbed back above the 1.3550 level. There are no important economic reports scheduled to be released in the UK today, so traders will stay focused on general market sentiment.

In case GBP/USD stays above the 1.3550 level, it will head towards the nearest resistance, which is located in the 1.3620 – 1.3640 range.

USD/CAD Remains Stuck Near Resistance At 1.3650 – 1.3665

USD/CAD is trying to settle above the resistance at 1.3650 – 1.3665 despite rising oil markets.

If this attempt is successful, USD/CAD will move towards the next resistance level at 1.3735 – 1.3750.

USD/JPY Moves Higher As Treasury Yields Rise

USD/JPY gained ground as traders remained focused on rising Treasury yields. The yield of 2-year Treasuries climbed above the 3.90% level, while the yield of 10-year Treasuries settled above 4.40%.

A successful test of the resistance at 147.50 – 148.00 will open the way to the test of the next resistance level at 151.00 – 151.50.

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