U.S. Dollar Stays Close To Weekly Lows As Traders Focus On Initial Jobless Claims: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Stuck Near Weekly Lows

U.S. Dollar Index continues its attempts to settle below the support at 98.85 – 99.00 as traders focus on the Initial Jobless Claims report. The report showed that 191,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 220,000.

In case U.S. Dollar Index manages to settle below the 98.85 level, it will head towards the next support at 98.00 – 98.15.

EUR/USD Retreats As Euro Area Retail Sales Miss Estimates

EUR/USD pulls back as traders react to the weak Euro Area Retail Sales report. The report indicated that Euro Area Retail Sales remained unchanged in October, compared to analyst forecast of +0.1%.

In case EUR/USD settles back below the 1.1650 level, it will head towards the nearest support level, which is located in the 1.1585 – 1.1600 range.

GBP/USD Tests New Highs

GBP/USD tested new highs despite the weak Construction PMI report. The report showed that Construction PMI declined from 44.1 in October to 39.4 in November, missing analyst expectations of 44.5. Numbers below 50 show contraction.

A successful test of the resistance at 1.3360 – 1.3375 will open the way to the test of the next resistance level at 1.3475 – 1.3490.

USD/CAD Tests New Lows As Ivey PMI Drops To 48.4

USD/CAD settled near recent lows as traders focused on Ivey PMI report from Canada. The report showed that Ivey PMI declined from 52.4 in October to 48.4 in November, slipping into contraction territory.  Other commodity-related currencies were mixed in today’s trading session.

If USD/CAD manages to settle below the 1.3950 level, it will move towards the support level at 1.3885 – 1.3900.

USD/JPY Pulls Back As Traders Stay Focused On Hawkish Ueda

USD/JPY is trying to settle below the support at 154.50 – 155.00 as traders remain focused on recent comments from BoJ’s Ueda, who signaled that BoJ was ready to raise rates.

A move below the support at 154.50 – 155.00 will push USD/JPY towards the next support level at 151.00 – 151.50.

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