U.S. Dollar Stays Strong As Traders React To ISM Services PMI Data
U.S. Dollar Index gains ground as traders react to ISM Services PMI report. The report showed that ISM Services PMI declined from 55.4 in August to 54.9 in September, compared to analyst forecast of 55. Numbers above 50 show expansion. The weaker-than-expected report did not put any pressure on the American currency.
Currently, U.S. Dollar Index is trying to settle above the resistance level at 102.35 – 102.50. In case U.S. Dollar Index manages to settle above the 102.50 level, it will head towards the next resistance, which is located in the 103.35 – 103.50 range.
EUR/USD Tests Support At 1.1175 – 1.1190
EUR/USD remains under pressure despite the pullback in the oil markets. Oil prices are down by roughly -2% amid reports indicating that flows through Saudi Arabia’s East-West pipeline were restored.
EUR/USD attempts to setlte below the support at 1.1175 – 1.1190. In case EUR/USD manages to settle below the 1.1175 level, it will head towards the next support, which is located in the 1.1085 – 1.1100 range. RSI has recently moved back into moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.
GBP/USD Moves Lower Amid Rising Treasury Yields
GBP/USD is losing ground as traders focus on rising Treasury yields. The yield of 2-year Treasuries climbed towards the 4.85% level, while the yield of 10-year Treasuries settled above 5.33%. The sell-off in U.S. bond markets continues despite Bessent’s buybacks. European bond markets have also found themselves under strong pressure.
The nearest support level for GBP/USD is located in the 1.3150 – 1.3165 range. If GBP/USD manages to settle below the 1.3150 level, it will head towards the next support, which is located in the 1.3035 – 1.3050 range.
EUR/USD Price Forecast
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See all EUR/USD forecastsUSD/CAD Gains Ground Amid Lack Of Positive Catalysts For Canadian Currency
USD/CAD managed to gain some ground despite the pullback in the oil markets. Other commodity-related currencies were mixed in today’s trading session.
From the technical point of view, USD/CAD continues its attempts to settle above the resistance level at 1.4235 – 1.4250. If USD/CAD manages to settle above the 1.4250 level, it will head towards the next resistance level, which is located in the 1.4350 – 1.4365 range.
USD/JPY Attempts To Settle Above 158.00
USD/JPY is moving higher as traders react to Japan’s Consumer Confidence report. The report showed that Consumer Confidence declined from 35.5 in August to 35.4 in September, compared to analyst forecast of 35.3.
Rising Treasury yields provided some support to USD/JPY in today’s trading session, although traders remained cautious. From a big picture point of view, traders worry that Bank of Japan may intervene to provide additional support to the Japanese yen.
USD/JPY climbed above the 50 MA at 157.77 and is trying to settle above the resistance level at 158.00 – 158.50. If USD/JPY manages to settle above the 158.50 level, it will head towards the next resistance, which is located in the 160.00 – 160.50 range.
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