The U.S. Dollar Index retreated from session highs following the release of stronger-than-expected S&P Global Composite PMI data. The report showed a slight decline in the Composite PMI from 53 in May to 52.8 in June, beating analysts’ forecast of 52.5.
If the Dollar Index falls below the 50-day moving average at 98.51, it could move down further toward support between 98.00 and 98.20.
EUR/USD Gains Despite Weak Eurozone Data
EUR/USD climbed back above the 1.1500 mark even though the Euro Area Composite PMI remained flat at 50.2, missing expectations for improvement.
The next resistance for EUR/USD lies between 1.1555 and 1.1570. Breaking above 1.1570 could push the pair toward the following resistance zone at 1.1675 to 1.1690.
GBP/USD Strengthens on UK Manufacturing PMI
GBP/USD moved higher after the UK Manufacturing PMI surprised positively, rising from 46.4 in May to 47.7 in June, beating the forecast of 46.6.
If GBP/USD moves above the 50-day moving average at 1.3506, it may target resistance near 1.3620 to 1.3640.
USD/CAD Rises Amid Commodity Market Movements
USD/CAD tested new highs despite gains in precious metals. Other commodity-linked currencies weakened during today’s trading.
A break above 1.3800 for USD/CAD could lead to resistance between 1.3845 and 1.3860.
USD/JPY Faces Resistance as Treasury Yields Drop
USD/JPY attempted to settle above resistance at 147.50 to 148.00 but lost momentum and pulled back. Lower U.S. Treasury yields weigh on the pair, with 2-year yields retreating to 3.81% and 10-year yields falling below 4.30%.
If USD/JPY can surpass 148.00, it could head toward resistance between 151.00 and 151.50.
