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The US dollar index trades higher ahead of US Fed policy. It hit a high of 106.404 and is currently trading around 106.39.
The central bank is expected to keep rates unchanged within their current range of 5.25%-5.50%. All eyes will be on the Fed Chairman's interest rate outlook.
According to the CME Fed watch tool, the probability of a no-rate cut in May increased to 98.40% from 95.90% a week ago.
The Chicago business activity index dropped to 37.90 in Apr, the lowest level in 17 years, compared to a forecast of 44.9.
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 ahead of the Fed rate decision. Eurozone CPI came unchanged at 2.4% in line with expectations. The CPI core declined to 2.7% YoY from 2.9%.
Major resistance-1.0760,1.0800
Major support- 1.0660,1.0600
Yen-
The pair showed a minor pullback on the policy divergence between the Fed and BOJ. Any break below 158 confirms major bullishness.
Major Resistance- 161,163
Major support- 154.50,153.50
Canadian Dollar
The Canadian dollar lost its shine on the weak Canadian GDP. Any break above 1.3800 confirms further bullishness.
Resistance- 1.3800,1.3865
Major support- 1.3750,1.3680
