FxWirePro: Forex Daily Update

The US dollar index gained slightly after the US durable goods order. It hit a high of 105.59 and is currently trading around 105.76.

US Durable Goods orders rose 2.6% in Mar, compared to a forecast of 2.5%. Core Durable goods orders excluding transportation, new orders increased by 0.20%.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 83.10% from 81.80% a week ago.

Major resistance- 106.50/107

Major support- 105.35/104.45

Economic data for the day

Apr 25th, 2024, US advance GDP q/q (12:30 pm GMT)

US initial jobless claims

EURUSD-

EURUSD hovers above 1.0700 following strong German IFO business data. It increased to 89.40 in Apr from 87.8 the previous month, compared to an estimate of 88.9.

Eurozone economic calendar today

Apr 25th, 2024, German Gfk consumer climate (6 am GMT)

Major resistance-1.0760,1.0800

Major support- 1.0660,1.0600

Yen-

The pair trades higher and hits the highest level since Jun 1990 despite the Japanese Finance Minister's comment about forex intervention risk. Any break above 155 confirms major bullishness.

Major Resistance- 156,157

Major support- 154.50,153.50

Canadian Dollar

The Canadian dollar declined marginally after dismal Canadian retail sales. It fell -0.01% mom vs 0.10%. Any break below 1.3650 confirms further bearishness.

Resistance- 1.3750,1.3800

Major support- 1.3650,1.3570