U.S. Dollar Is Flat As Traders React To Housing Market Data: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Remains Stuck Near Support At 103.20 – 103.40

U.S. Dollar Index is mostly flat as traders react to housing market data. Housing Starts increased by +11.2% month-over-month in February, compared to analyst forecast of -1.9%. Building Permits declined by -1.2%, while analysts expected that they would decrease by -0.2%.

In case U.S. Dollar Index settles below the support at 103.20 – 103.40, it will head towards the next support level, which is located in the 102.00 – 102.20 range.

EUR/USD Attempts To Settle Above The 1.0935 Level

EUR/USD gained some round as traders reacted to the better-than-expected Euro Area ZEW Economic Sentiment Index report. The report showed that Economic Sentiment increased from 24.2 in February to 39.8 in March, compared to analyst forecast of 39.6.

A move above the resistance at 1.0920 – 1.0935 will push EUR/USD towards the next resistance level, which is located in the 1.1030 – 1.1050 range.

GBP/USD Is Mostly Flat Amid Lack Of Strong Catalysts

GBP/USD is flat as traders wait for additional catalysts. From a big picture point of view, traders are not ready for big moves ahead of Fed decision, which will be released tomorrow.

In case GBP/USD settles above the 1.3000 level, it will head towards the resistance level at 1.3050 – 1.3070.

USD/CAD Is Moving Away From Recent Lows

USD/CAD attempts to rebound after the recent pullback as traders focus on inflation data from Canada. Inflation Rate increased from 1.9% in January to 2.6% in February, compared to analyst forecast of 2.2%. Core Inflation Rate grew from 2.1% to 2.7%, while analysts expected that it would increase to 2.2%.

If USD/CAD climbs above the resistance at 1.4330 – 1.4350, it will head towards the next resistance at 1.4485 – 1.4500.

USD/JPY Attempts To Settle Above 149.50

USD/JPY is moving higher as traders prepare for tomorrow’s BoJ Interest Rate Decision. Analysts expect that BoJ will leave the interest rate unchanged at 0.5%.

In case USD/JPY stays above the resistance at 149.00 – 149.50, it will head towards the next resistance level at 152.00 – 152.50.

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