U.S. Dollar Retreats As Traders Worry About Jobs Data: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Under Pressure

U.S. Dollar Index is losing ground as traders worry that the job market is under strong pressure.

In case U.S. Dollar Index declines below the 50 MA at 99.54, it will head towards the nearest support level, which is located in the 98.85 – 99.00 range.

EUR/USD Tests Resistance At 1.1515 – 1.1530

EUR/USD is moving higher despite the disappointing Euro Area Retail Sales report. The report indicated that Euro Area Retail Sales decreased by -0.1% month-over-month in September, compared to analyst forecast of +0.2%.

Currently, EUR/USD is trying to settle above the resistance at 1.1515 – 1.1530. In case this attempt is successful, EUR/USD will move towards the next resistance, which is located in the 1.1585 – 1.1600 range.

GBP/USD Rebounds As BoE Leaves Rates Unchanged

GBP/USD gains ground as traders focus on the BoE Interest Rate Decision. The Bank of England left the interest rate unchanged at 4%, in line with analyst expectations. Four BoE members voted for a cut, compared to analyst consensus of 3. Nevertheless, GBP/USD moved away from recent lows as traders took some profits off the table after the strong pullback.

The nearest resistance level for GBP/USD is located in the 1.3145 – 1.3160 range. A move above the 1.3160 level will push GBP/USD towards the resistance at 1.3250 – 1.3265.

USD/CAD Moves Higher As Demand For Commodity-Related Currencies Falls

USD/CAD gains ground as traders focus on the pullback in commodity markets. Other commodity-related currencies are also moving lower in today’s trading session.

If USD/CAD climbs above the resistance at 1.4150 – 1.4165, it will head towards the next resistance level at 1.4250 – 1.4270.

USD/JPY Attempts To Settle Below The 153.00 Level

USD/JPY is under pressure as traders focus on the strong pullback in Treasury yields. The yield of 2-year Treasuries declined below the 3.55% level, while the yield of 10-year Treasuries settled below 4.10%.

In case USD/JPY settles below the 153.00 level, it will move towards the support at 151.00 – 151.50.

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