Advertisement
Advertisement
U.S. Dollar Rebounds From Session Lows As Michigan Consumer Sentiment Beats Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY
By:
Key Points:
- EUR/USD settled below the 1.1650 level as traders reacted to Consumer Sentiment data from the U.S.
- USD/CAD pulled back as demand for commodity-related currencies increased.
- USD/JPY was flat as traders reacted to inflation reports from Japan.
U.S. Dollar Index Received Support In The 98.00 – 98.20 Range
U.S. Dollar Index rebounded from session lows as traders reacted to Michigan Consumer Sentiment report. The report showed that Michigan Consumer Sentiment increased from 60.7 in June to 61.8 in July, compared to analyst forecast of 61.5.
In case U.S. Dollar Index settles back above the 98.50 level, it will head towards the recent highs near the 99.00 level.
EUR/USD Faced Resistance Near 1.1675
EUR/USD pulled back from session highs as traders took some profits off the table after the recent rebound. Today, traders focused on the PPI report from Germany. The report showed that PPI declined by -1.3% year-over-year in June, in line with analyst estimates.
In case EUR/USD stays below the 1.1650 level, it will head towards the nearest support level at 1.1575 – 1.1590.
GBP/USD Pulled Back Towards 1.3420
GBP/USD is mostly flat in volatile trading as traders focus on general dynamics of the American currency.
A move below the 1.3420 level will push GBP/USD towards the support level at 1.3370 – 1.3390.
USD/CAD Pulled Back Amid Rising Demand For Commodity-Related Currencies
USD/CAD moved lower amid rising gold markets. Other commodity-related currencies are gaining ground in today’s trading session.
If USD/CAD settles below the 50 MA at 1.3699, it will head towards the support level at 1.3650 – 1.3665.
USD/JPY Remained Stuck Below 149.00 As Traders Focused On Japan’s Inflation Data
USD/JPY is mostly flat despite the pullback in Treasury yields. Traders focus on inflation data from Japan. Inflation Rate declined from 3.5% in May to 3.3% in June, while Core Inflation Rate decreased from 3.7% to 3.3%. Both reports met analyst estimates.
In case USD/JPY manages to settle above the 149.00 level, it will move towards the resistance level at 151.00 – 151.50. RSI is in the moderate territory, and there is enough room to gain additional upside momentum in the near term.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
Advertisement