U.S. Dollar Pulled Back From Yearly Highs: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Moves Lower After PPI Report

U.S. Dollar Index moved away from yearly highs as traders took some profits off the table after the strong rally. Today, traders focused on PPI data. PPI increased by 0.2% month-over-month in October, while Core PPI grew by 0.3%. Both reports met analyst expectations.

In case U.S. Dollar Index settles below the 106.50 level, it will head towards the nearest support, which is located in the 106.00 – 106.15 range.

EUR/USD Attempts To Rebound

EUR/USD is trying to rebound after the strong pullback. Today, traders focused on the Euro Area GDP Growth Rate report, which showed that GDP Growth Rate was 0.4% in the third quarter. On a year-over-year basis, GDP Growth Rate was 0.9%, in line with analyst consensus.

In case EUR/USD climbs above the 1.0600 level, it will head towards the resistance at 1.0650 – 1.0670.

GBP/USD Tries To Settle Back Above The 1.2700 Level

GBP/USD has also moved away from recent lows as traders took profits off the table after the strong pullback.

A move above the 1.2700 level will push GBP/USD towards the 1.2750 level. If GBP/USD climbs above 1.2750, it will head towards the nearest significant resistance at 1.2870 – 1.2880.

USD/CAD Tests New Highs Amid Falling Demand For Commodity-Related Currencies

USD/CAD continues to move higher as demand for commodity-related currencies declines.

If USD/CAD manages to settle above the 1.4050 level, it will head towards the next resistance level at 1.4100 – 1.4120.

USD/JPY Gains Ground As Rally Continues

USD/JPY continues its attempts to settle above the 156.00 level despite falling Treasury yields. Traders stay focused on the ultra-dovish policy of the BoJ.

If USD/JPY settles above the 156.00 level, it will head towards the next resistance level at 157.50 – 158.00.

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