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US dollar Index-
The US dollar index trades weak after dismal US non farm payroll data. It hit a low of 104.82 and is currently trading around 104.91.
The US economy added 206000 jobs in June, above the forecast of 191000. The unemployment rate remains at 4.1% vs. the Estimate of 4%. The Canadian economy lost 1400 jobs compared to a forecast of 25000 jobs. The unemployment rate ticked up to 6.4% vs.6.3%. The downward revision of Apr and May numbers confirms that the labor market is weak.
The weak US private employment and ISM manufacturing PMI increases the chance of a rate cut in Sep.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 70.80% from 57.90% a week ago.
Major resistance- 106.20/107
Major support- 105.20/104.45
EURUSD-
EURUSD showed a minor sell-off after the French exit poll. It hit a high of 1.08426 and is currently trading around 1.08274.
The French exit poll shows a hung parliament in France as the leftist new popular secured 174 seats and the Emsemble Alliance 146 seats.
Major resistance-1.0865,1.0900
Major support- 1.0760,1.0700
Yen-
The pair lost its shine on increasing demand for safe-haven assets. Any close below 160 confirms further bearishness.
Major Resistance- 162,163
Major support- 159.80,15
Canadian Dollar
The pair showed a minor pullback on weak Canadian jobs data. Any break below 1.3600 confirms further bearishness.
Resistance- 1.3660, 1.3725
Major support- 1.3600,1.3535
