FxWirePro: Forex Daily Update

The US dollar index lost its shine on easing geopolitical tension. It hit a low of 105.85 at the time of writing and is currently trading around 105.89.

Fed Cleveland president Mester said that We Want To Get More Information Before We Can Say Inflation Is On A Sustainable Path To 2% and current inflation is higher than expected.

According to the CME Fed watch tool, the probability of a no-rate cut in  June increased to 83.2% from  82.7% a day ago.

Major resistance- 106.50/107

Major support- 105.35/104.45

Economic data for the day

US Philly Fed Manufacturing Index  (12:30 pm GMT)

US unemployment claims (12:30 pm GMT)

EURUSD-

EURUSD halted its one-week bearish trend and showed a minor pullback. ECB executive board member Piero Cipollone said "If the incoming data in June and July confirm that confidence about the target improves, it will be appropriate to remove some restrictive measures imposed in 2023.

Major resistance-1.0700,1.0760

Major support- 1.0600,1.0500

Yen-

The pair showed a minor decline on BOJ Fx intervention. Any break above 155 confirms minor bullishness.

Major Resistance- 155,156

Major support- 153.70,152.68

Canadian Dollar

The Canadian dollar gained momentum despite strong crude oil prices.  Any break below 1.3750 confirms further bearishness

Resistance- 1.3865,1.3950

Major support- 1.3750,1.3700