U.S. Dollar Remains Under Pressure As Pullback Continues: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Pulls Back As Traders React To Economic Reports

U.S. Dollar Index pulls back as traders focus on Durable Goods Orders report for September. The report indicated that Durable Goods Orders increased by +0.5% month-over-month, compared to analyst consensus of +0.3%.

In case U.S. Dollar Index settles below the 99.50 level, it will head towards the nearest support, which is located in the 98.85 – 99.00 range.

EUR/USD Tests The 1.1600 Level

EUR/USD gains ground as traders focus on economic reports from the U.S. The Initial Jobless Claims report showed that 216,000 Americans filed for unemployment benefits in a week, compared to anlayst consensus of 225,000.

Currently, EUR/USD is trying to settle above the resistance at 1.1585 – 1.1600. In case this attempt is successful, EUR/USD will head towards the next resistance, which is located in the 1.1715 – 1.1730 range.

GBP/USD Tests New Highs As Reeves Announces Tax Increases

GBP/USD gained upside momentum as traders focused on the presentation of UK budget. Chancellor of the Exchequer Rachel Reeves announced tax increases of 26 billion pounds.

The nearest resistance level for GBP/USD is located in the 1.3250 – 1.3265 range. In case GBP/USD manages to settle above the 1.3265 level, it will head towards the next resistance at 1.3360 – 1.3375.

USD/CAD Tests New Lows Amid Rising Demand For Commodity-Related Currencies

USD/CAD pulls back as traders react to rising precious metals markets. Other commodity-related currencies are also moving higher in today’s trading session.

If USD/CAD stays below the 50 MA at 1.4062, it will move towards the support level at 1.3975 – 1.3990.

USD/JPY Rebounds As Treasury Yields Rise

USD/JPY moved higher as traders focused on rising Treasury yields. The dovish BoJ policy outlook provides additional support to USD/JPY.

In case USD/JPY climbs above the 157.00 level, it will head towards the resistance level at 158.00 – 158.50.

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