Earlier today, the University of Michigan reported that its consumer sentiment index rose to a 14-month high of 84.6 this month (from a reading of 82.5 in the previous month), beating analysts’ expectations for an increase to 83.3 in September. As a result, the U.S. currency hit a fresh six-year high against the yen, reaching the next resistance level. Will it manage to stop currency bulls?

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Earlier today, the Labor Department showed that initial claims for jobless benefits rose by 11,000 in the week ended September 6 to the highest level since late June, while analysts had expected a 4,000 drop. Thanks to these disappointing numbers, U.S. dollar moved lower against its Canadian counterpart, but did this move change anything?

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On Monday, the Federal Reserve Bank of San Francisco published a report, which indicated that central bank is growing closer to raise interest rates - earlier than markets expect. As a result, the US Dollar Index, which tracks the performance of the greenback against a basket of six other major currencies, climbed to a 14-month high. Taking this very important fact into account, we decided not to wait until Friday, but today take a closer look at the major currency pairs and find out what impact did this U.S. dollar’s rally have on their outlooks.

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Earlier today, the National Australia Bank showed that its business confidence index dropped to 8 in August. Additionally, home loans in Australia rose 0.3% in July, missing expectations for a 1.0% increase. Thanks to these disappointing numbers, the Australian dollar declined to a five-week low against its U.S. counterpart, reaching very important support zone. Will it withstand the selling pressure?

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Earlier today, data showed that Japan’s gross domestic product shrank by 7.1% in the second quarter. As a result, the U.S. currency rebounded and approached the last week’s almost six year high against the yen. Will we see further improvement or rather a post double top decline?

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