U.S. Dollar Pulls Back As Traders Focus On PPI Report
U.S. Dollar Index pulls back as traders react to Producer Prices data for October and November. PPI increased by +0.1% month-over-month in October, compared to analyst forecast of +0.3%. PPI grew by +0.2% in November, in line with analyst estimates.
From the technical point of view, U.S. Dollar Index needs to stay above the resistance at 98.85 – 99.00 to have a chance to gain additional upside momentum in the near term.
EUR/USD Attempts To Rebound
EUR/USD gains ground as traders focus on U.S. economic data. The better-than-expected U.S. Retail Sales report did not provide support to the American currency. The report indicated that Retail Sales increased by +0.6% month-over-month in November, compared to analyst forecast of +0.4%.
In case EUR/USD climbs above the 50 MA at 1.1674, it will move towards the resistance at 1.1715 – 1.1730.
GBP/USD Is Heading Towards The 1.3475 Level
GBP/USD moved higher as traders focused on general weakness of the American currency.
If GBP/USD climbs above the resistance level at 1.3475 – 1.3490, it will head towards the next resistance level, which is located in the 1.3575 – 1.3590 range.
EUR/USD Price Forecast
Every new EUR/USD analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all EUR/USD forecastsUSD/CAD Is Stuck Below The Resistance At 1.3890 – 1.3905
USD/CAD remains stuck near resistance at 1.3890 – 1.3905 despite the strong rally in precious metals markets.
A move above the 1.3905 level will push USD/CAD towards the next resistance at 1.3980 – 1.3995.
USD/JPY Retreats As Treasury Yields Fall
USD/JPY pulled back from multi-month highs as traders focused on falling Treasury yields and rushed to take profits after the strong rally. The yield of 2-year Treasuries declined towards the 3.50% level, while the yield of 10-year Treasuries pulled back below 4.15%.
In case USD/JPY declines below the 50 MA at 157.42, it will move towards the support at 154.50 – 155.00.
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