U.S. Dollar

DXY
DXY 290824 4h Chart

U.S. Dollar Index gains ground as traders react to the strong GDP Growth Rate report. The report showed that GDP Growth Rate was 3% in the second quarter, compared to analyst forecast of 2.8%. Initial Jobless Claims report indicated that 231,000 Americans filed for unemployment benefits in a week, mostly in line with analyst consensus. Today, traders also had a chance to take a look at the Pending Home Sales report, which showed that Pending Home Sales declined by 5.5% month-over-month in July.

In case U.S. Dollar Index manages to settle above the 101.50 level, it will move towards the nearest resistance at 102.00 – 102.20.

EUR/USD

EUR/USD
EUR/USD 290824 4h Chart

EUR/USD pulls back as traders focus on Germany’s inflation data. Inflation Rate declined from 2.3% in July to 1.9% in August, compared to analyst consensus of 2.1%. Traders bet that ECB will continue to cut rates to provide support to the economy.

If EUR/USD stays below the support at 1.1110 – 1.1135, it will move towards the next support level, which is located in the 1.0980 – 1.1000 range.

GBP/USD

GBP/USD
GBP/USD 290824 4h Chart

GBP/USD is mostly flat despite rising Treasury yields. It looks that traders use the recent pullback as an opportunity to increase their long positions.

In case GBP/USD settles back above the 1.3200 level, it will head towards the nearest resistance at 1.3280 – 1.3300.

USD/CAD

USD/CAD
USD/CAD 290824 4h Chart

USD/CAD is losing some ground, supported by the rebound in commodity markets. Other commodity-related currencies are also moving higher in today’s trading session.

A move below the 1.3450 level will open the way to the test of the support at 1.3360 – 1.3380.

USD/JPY

USD/JPY
USD/JPY 290824 4h Chart

USD/JPY gained some ground as traders focused on rising Treasury yields. From a big picture point of view, USD/JPY is trying to rebound after the recent pullback.

In case USD/JPY settles above the 145.00 level, it will move towards the resistance at 146.00 – 146.50.

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