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U.S. Dollar Index rebounded from session lows as traders reacted to PCE Price Index report, which showed that PCE Price Index increased from 0.2% to 0.4% on a month-over-month basis, compared to analyst consensus of 0.5%.
From the technical point of view, U.S. Dollar Index received strong support in the 105.65 – 105.90 range. If U.S. Dollar Index declines below 105.65, it will gain additional downside momentum and move towards the support at 104.45 – 104.70.
EUR/USD gained some ground as traders reacted to the EU inflation data. Euro Area Inflation Rate declined from 5.2% in August to 4.3% in September, compared to analyst consensus of 4.5%.
In case EUR/USD settles above the 50 MA at 1.0610, it will head towards the nearest resistance level, which is located in the 1.0670 – 1.0700 range.
GBP/USD
GBP/USD moved away from session highs as traders focused on U.S. economic data. The better-than-expected Michigan Consumer Sentiment report provided support to the American currency.
If GBP/USD settles back below the support at 1.2180 – 1.2200, it will head towards the next support level at 1.2000 – 1.2030.
USD/CAD
USD/CAD gained ground despite the encouraging GDP report from Canada, which showed that GDP increased by 0.1% month-over-month in August. Analysts expected that Canada’s GDP would decline by 0.1%.
USD/CAD has recently moved above the resistance at 1.3500 – 1.3520. If USD/CAD stays above the 1.3520 level, it will head towards the next resistance at 1.3675 – 1.3700.
USD/JPY
USD/JPY stays close to the 149.50 level as BoJ does not provide any support to the Japanese yen.
BoJ may intervene in case USD/JPY moves above the psychologically important 150.00 level. However, the Japenese yen remains fundamentally weak due to the ultra-dovish policy of BoJ, so bulls may try to push USD/JPY above the key 150.00 level.
For a look at all of today’s economic events, check out our economic calendar.
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