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FxWirePro: Forex Daily Update
The US dollar index pared most of its gains after the US jobs data. It hit a low of 104.18 yesterday and is currently trading around 104.18.
US private payrolls surged at the fastest pace since July 2023 to 184000 in Mar, compared to a forecast of 148000. "Recent readings on both job gains and inflation have come in higher than expected," Powell said at a forum at Stanford University overnight.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 61.50% from 63.70% a week ago.
Major resistance- 105.20/106
Major support- 104.40/103.80
EURUSD-
EURUSD showed a minor pullback as Eurozone inflation cools. The Eurozone HICP inflation jumped 2.4% in Mar, below the estimate of 2.6%. The core HICP cools down to 2.9% YoY in Mar vs. Estimate 3.0%.
US ISM services PMI fell to 51.4 in March, below expectations of 53.40.
Eurozone economic data today
Apr 4th, 2024, German Final Services PMI (8:55 am GMT)
Major resistance-1.0850,1.0900
Major support- 1.0800,1.0720
Yen-
The pair holds above 151.50 on the Bank of Japan's cautious outlook. The pair upside is capped due to BOJ fx intervention and dovish rate hike. Any break above 152 confirms minor bullishness.
Major Resistance- 152,153
Major support- 150,149
Canadian Dollar
The pair showed a minor weakness as crude oil prices hit a five-month high.
Resistance- 1.3620,1.3660
Major support- 1.3500,1.3435
