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.
EUR/USD Price Forecast
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See all EUR/USD forecastsUSD/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.
For a look at all of today’s economic events, check out our economic calendar.
