FxWirePro- Forex Daily Update

The US dollar index gained momentum after the Fed Beige Book. It hit a high of  105.17 and is currently trading around 105.14.

"Retail spending was flat to up slightly, reflecting lower discretionary spending and heightened price sensitivity among consumers," said the Fed's Beige Book,

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.20% from 98.50% a week ago.

Major resistance- 105/106.50

Major support- 104/103

Economic data for the day

May 30 th 2024,  US Prelim GDP q/q (12:30 pm GMT)

         Pending Home sales (2 pm GMT)

EURUSD-

EURUSD pared some of its gains despite the strong German CPI. It hit a low of 1.07953 and is currently trading around 1.07990.

Germany annual inflation surges to 2.4% in May, in line with estimate. On the monthly basis, CPI came at 0.10% below the forecast of 0.20%.

Major Economic data for the day-

Spanish flash CPI y/y (7 am GMT)

Major resistance-1.0860,1.0900

Major support- 1.0800,1.0720

Yen-

The pair showed a minor sell-off after the BOJ’s official Adachi emphasized on bond buying reduction. Any break above 158 confirms further bullishness. 

Major Resistance- 158,160

Major support- 156,154.50

Canadian Dollar

The Canadian dollar lost its shine on weak crude oil prices. Any break above 1.3750 confirms further bullishness.

Resistance- 1.3750,1.3800

Major support- 1.3660,1.3600