U.S. Dollar Tests Yearly Lows As Traders Prepare For Powell’s Successor: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests New Lows As Traders Bet On Dovish Fed

U.S. Dollar Index is under strong pressure as traders react to the final reading of the first-quarter GDP Growth Rate report. The report indicated that GDP Growth Rate was -0.5%, compared to analyst forecast of -0.2%. Traders also focus on reports indicating that Trump wants to name Powell’s successor by September or October.

The nearest support level for U.S. Dollar Index is located in the 96.70 – 96.90 range. A move below this level will push U.S. Dollar Index towards the next support at 95.40 – 95.60.

EUR/USD Tests New Highs As U.S. GDP Growth Rate Misses Estimates

EUR/USD is moving higher despite the disappointing GfK Consumer Confidence report from Germany. The report showed that GfK Consumer Confidence decreased from -20.0 in June to -20.3 in July, compared to analyst consensus of -19.3.

In case EUR/USD stays above the resistance at 1.1675 – 1.1690, it will head towards the next resistance level at 1.1785 – 1.1800.

GBP/USD Tests Resistance At 1.3730 – 1.3750

GBP/USD tests resistance at 1.3730 – 1.3750 as traders focus on U.S. economic data and bet on dovish Fed.

A move above the 1.3750 level will open the way to the test of the next resistance level, which is located in the 1.3815 – 1.3835 range.

USD/CAD Is Under Strong Pressure

USD/CAD is under pressure as traders focus on the rebound in the oil markets and the rally in precious metals markets.

If USD/CAD settles below the support at 1.3645 – 1.3665, it will head towards the next support level at 1.3550 – 1.3565.

USD/JPY Is Losing Ground As Treasury Yields Fall

USD/JPY attempts to settle below the support level at 143.50 – 144.00 as traders focus on falling Treasury yields.

If USD/JPY manages to settle below the 143.50 level, it will head towards the next support at 140.00 – 140.50.

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