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FxWirePro: Forex Daily Update
The US dollar index showed a minor pullback despite a slowdown in US inflation. US Headline rose 0.30% m/m in Jan, in line with the estimate. Core PCE came at 0.40%, matched forecasts. It hit a low of 103.839 at the time of writing and is currently trading around 103.846.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 97% from 96% a week ago.
The US 10-year yields declined slightly after poor PCE data. The US 10 and 2-year spread narrowed to -37.4% from -53%.
Major resistance- 104.25/105
Major support- 103/102.
Economic data for the day
US ISM manufacturing PMI (3 pm GMT)
EURUSD-
EURUSD trades lower after weak German CPI data. The headline inflation came at 2.5% below the estimate of 2.6%. Chicago PMI fell to 44 in Feb vs. the Forecast of 48.10.
Major resistance-1.0880,1.0935
Major support- 1.0760,1.0700
Yen-
The yen lost its shine despite hawkish comments from BOJ Takata. Any break above 151 confirms minor bullishness.
Major Resistance- 151,152
Major support- 148,146.50
Canadian Dollar
The pair consolidated in a narrow range despite the strong Canadian GDP. The Canadian economy expanded at an annualized rate of 1.% above the forecast of 0.80%.
Resistance- 1.3600,1.3660
Major support- 1.3435,1.3380
