#MarketPullback
U.S. Dollar Pulls Back From Session Highs Amid Geopolitical Developments: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY
Key Points:
• EUR/USD moved back towards the 1.1550 level despite the disappointing Euro Area Industrial Production report.
• USD/CAD remained under pressure as traders reacted to the rally in the oil markets.
• USD/JPY made an attempt to settle back above the 144.00 level.
U.S. Dollar Index Tests Support At 98.00 – 98.20
U.S. Dollar Index pulled back from session highs as traders focused on the developments in the Middle East and reacted to the Michigan Consumer Sentiment report. The report indicated that Michigan Consumer Sentiment increased from 52.2 in May to 60.5 in June, compared to the analyst forecast of 53.5.
In case U.S. Dollar Index settles back below the support at 99.00 – 99.20, it will move towards the next support level, which is located in the 96.70 – 96.90 range.