U.S. Dollar Rallies As GDP Growth Rate Beats Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Soars As Traders Focus On GDP Data

U.S. Dollar Index rallied as traders reacted to the better-than-expected GDP Growth Rate report. The report indicated that second-quarter GDP Growth Rate was +3.8%, compared to analyst forecast of +3.3%.

Currently, U.S. Dollar Index is trying to settle above the resistance level at 98.00 – 98.20. In case this attempt is successful, U.S. Dollar Index will head towards the next resistance level, which is located in the 98.85 – 99.00 range.

EUR/USD Tests Support At 1.1685 – 1.1700

EUR/USD retreats as traders focus on U.S. economic data. In the EU, traders had a chance to take a look at GfK Consumer Confidence report from Germany. The report showed that Consumer Confidence improved from -23.5 in September to -22.3 in October, compared to analyst forecast of -23.3.

A successful test of the support at 1.1685 – 1.1700 will open the way to the test of the next support level at 1.1585 – 1.1600.

GBP/USD Tests New Lows As Pullback Continues

GBP/USD tests new lows as traders reduce bets on dovish Fed after the release of strong U.S. GDP data.

In case GBP/USD manages to settle below the support at 1.3335 – 1.3350, it will move towards the next support level at 1.3150 – 1.3165.

USD/CAD Rallied Above The 1.3900 Level

USD/CAD gains ground as demand for commodity-related currencies declined despite the rally in precious metals markets.

If USD/CAD settles above the nearest resistance at 1.3910 – 1.3925, it will move towards the next resistance level at 1.4000 – 1.4015.

USD/JPY Tests New Highs As Treasury Yields Rise

USD/JPY is moving higher as traders focus on rising Treasury yields. The yield of 2-year Treasuries climbed above the 3.65% level, while the yield of 10-year Treasuries moved above 4.17%.

A move above the 150.00 level will push USD/JPY towards the resistance at 151.00 – 151.50.

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