U.S. Dollar Is Losing Ground As Traders Focus On PCE Data
U.S. Dollar Index is losing ground as traders react to PCE Price Index report. The report indicated that PCE Price Index increased by +0.2% month-over-month in July, in line with analyst estimates.
Currently, U.S. Dollar Index is trying to settle below the 97.75 level. In case this attempt is successful, it will head towards the nearest support level, which is located in the 97.10 – 97.30 range.
EUR/USD Tests Resistance At 1.1685 – 1.1700
EUR/USD gains ground as traders focus on inflation data from Germany. Inflation Rate increased from 2.0% in July to 2.2% in August, compared to analyst forecast of 2.1%.
If EUR/USD manages to settle above the 1.1700 level, it will move towards the resistance at 1.1785 – 1.1800.
GBP/USD Gains Ground As Traders Bet On Dovish Fed
GBP/USD is trying to settle back above the 1.3500 level as traders focus on U.S. economic data.
A move above 1.3500 will push GBP/USD towards the resistance level at 1.3580 – 1.3595.
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See all EUR/USD forecastsUSD/CAD Retreats Amid Rising Demand For Commodity-Related Currencies
USD/CAD tests support at 1.3735 – 1.3750 as traders focus on the continuation of the rally in gold markets. Other commodity-related currencies are also moving higher in today’s trading session.
In case USD/CAD settles below 1.3735, it will gain additional downside momentum and move towards the next support level, which is located in the 1.3635 – 1.3650 range.
USD/JPY Remains Stuck Near The 147.00 Level
USD/JPY is mostly flat as traders focus on economic reports from Japan. Unemployment Rate declined from 2.5% in June to 2.3% in July, compared to analyst forecast of 2.5%. Retail Sales decreased by -0.3% year-over-year in July, compared to analyst consensus of +1.8%.
From the technical point of view, USD/JPY needs to settle below the 146.00 level to gain downside momentum in the near term.
For a look at all of today’s economic events, check out our economic calendar.