U.S. Dollar Is Under Pressure Amid Tariff Policy Reports: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Rebounds From Session Lows

U.S. Dollar Index rebounded from session lows as traders focused on Donald Trump’s comments, who denied a report indicating that he considered narrowing his tariff plan. Tariffs are expected to be bullish for the U.S. dollar.

In case U.S. Dollar Index manages to settle back above the resistance at 108.30 – 108.50, it will move towards the next resistance level at 109.40 – 109.60.

EUR/USD Attempts To Settle Above 1.0400

EUR/USD gained ground, supported by tariff – related reports. Tariffs will likely have a material negative impact on the European economy, so any rumors about a potential easing of Trump’s tariff policy provide support to the European currency.

In case EUR/USD settles above the 1.0400 level, it will head towards the nearest resistance, which is located in the 1.0435 – 1.0450 range.

GBP/USD Moved Above The 1.2500 Level As Traders Focused On Trump’s Tariff Policy

GBP/USD has also moved higher as traders reacted to tariff-related reports. UK Services PMI missed analyst expectations, but this report did not have a material impact on GBP/USD dynamics today.

A move above the 1.2550 level will open the way to the test of the resistance level at 1.2575 – 1.2590.

USD/CAD Climbed Back Above 1.4350

USD/CAD moved away from session lows as oil markets pulled back from session highs. Other commodity-related currencies gained ground in today’s trading session.

If USD/CAD settles above the 50 MA at 1.4389, it will head towards the resistance at 1.4540 – 1.4560.

USD/JPY Gained Ground In Volatile Trading

USD/JPY received support in the 156.00 – 156.50 range a moved back above the 147.00 level.

In case USD/JPY settles above the 50 MA at 157.31, it will move towards the resistancelevel at 158.50 – 159.00. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

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