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The US dollar index showed a minor pullback with no direction. It hit a high of 104.79 and is currently trading around 104.65.
Fed Vice Chairman Barr stated “These results did not provide me with the increased confidence that I was hoping to find to support easing monetary policy by reducing the federal funds rate,” Atlanta Fed President Bostic said that “nothing has changed” and reiterated his view that there will be only one rate cut this year.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 96.4% from 96.5% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Economic data for the day
Treasury Sec Yellen Speech (8:00 am GMT)
EURUSD-
EURUSD trades in a narrow range ahead of ECB President Lagarde's speech. It hit a high of 1.08845 yesterday and is currently trading around 1.08585.
May 21st, 2024, ECB President Lagarde Speech (8 am GMT)
Major resistance-1.0900,1.100
Major support- 1.0800,1.0720
Yen-
The pair holds above the 155 level due to a surge in US treasury yields. Any break above 157 confirms further bullishness.
Major Resistance- 156,157
Major support- 154.50,153.40
Canadian Dollar
The Canadian dollar trades flat ahead of CPI data. Any upbeat inflation data will push Canadian dollar prices higher. Any break below 1.3580 confirms further bearishness.
Resistance- 1.3660,1.3765
Major support- 1.3580,1.3535
