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FxWirePro: Forex Daily Update
The US dollar index trades flat ahead of US CPI data. It hit a low of 104.09 yesterday and is currently trading around 104.159.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 51.3% from 61.5% a week ago.
Major resistance- 105.20/106
Major support- 104.40/103.80
EURUSD-
EURUSD consolidated after a minor pullback. German industrial production rose 2.1% y/y in Feb, compared to a forecast of 0.30%. Markets await ECB monetary policy for further direction.
Major resistance-1.0880,1.0935
Major support- 1.0800,1.0720
Yen-
The pair hit a multi-decade high on a surge in US treasury yields. Any break above 152 confirms minor bullishness.
Major Resistance- 152,153
Major support- 150,149
Canadian Dollar
USDCAD trades higher after dismal Canadian jobs will push BOC to cut rates early. Markets eye BOC monetary policy tomorrow for further movement.
Resistance- 1.3660,1.37000
Major support- 1.3550,1.3500
