FxWirePro: Forex Daily Update

The US dollar index was trading flat ahead of the US FOMC rate decision. It hit a high of 106.18 and is currently trading around 105.83.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 88.40% from 83.50% a week ago.

Major resistance- 106.50/107

Major support- 105.35/104.45

Economic data for the day

Apr 30th, 2024, Chicago PMI (1:45 pm GMT)

US CB consumer confidence (2 pm GMT)

 S&P/CS Composite-20 HPI y/y (1 pm GMT)

EURUSD-

EURUSD showed a minor decline despite strong German CPI. Annual German inflation came unchanged at 2.2%. It rose 0.50% m/m in Apr from 0.40% in Mar.

Major Eurozone Economic data this week

Apr 30th, 2024, Core CPI Flash estimate y/y

Major resistance-1.0760,1.0800

Major support- 1.0660,1.0600

Yen-

The pair pared most of its gains after speculation of FX intervention. Any break below 154.95 confirms major bullishness.

Major Resistance- 161,163

Major support- 154.50,153.50

Canadian Dollar

The Canadian dollar lost its shine on weak crude oil prices. Any break below 1.3600 confirms further bearishness.

Resistance- 1.3700,1.3750

Major support- 1.3660,1.3600