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US Dollar index has taken support near 50-W MA and shown a minor jump of nearly 70 pips from low of 97.14. The jump was due to slight weakness in Euro on ongoing uncertainties and markets eye US Fed monetary policy data which is to happen on Wednesday for further direction. The index hits a high of 97.90 and is currently trading around 97.83.
On the data front, US durable goods orders have fallen by-1.1% much weaker than a forecast of -0.5% and Flash manufacturing PMI came 51.5 vs estimate of 50.7.
The ECB has kept its rates and forward guidance unchanged and expects GDP for this year at 1.1% and 1.2% in 2020.
The yellow metals are consolidating after a dip till $1476 and markets eye US Fed funds rate and FOMC statement for further direction. Any break below $1458 confirms bearish continuation.
US 10-year yield continues to trade higher for 3rd consecutive week and break above 1.907% will take it further up till 2%. The spread between US 10-year and 2-year has widened to 17.9 bps.
Weekly Technical:
EURUSD:
Major trend reversal level- 1.1285
Near term support- 1.060/
Near term resistance – 1.1178/1.1245
USDJPY:
Major trend reversal level- 109.05
Near term support- 107.80/106.40
Near term resistance – 109.05/110
USDCHF
Major trend reversal level- 1.0030
Near term support- 0.9900/0.97700
Near term resistance – 1.0030/10060
USDCAD
Major trend reversal level- 1.3020
Near term support- 1.3020/1.2965
Near term resistance – 1.3135/1.3235
Gold
Major trend reversal level- $1460
Near term support- $1480/$1460
Near term resistance – $1525/$1555
WTI Crude
Major trend reversal level- $57.20
Near term support- $55/$52.70
Near term resistance – $57.20/$60
Major Economic events for the week
US CB Consumer confidence - Tuesday (2 PM GMT)
US ADP Non-Farm Employment - Wednesday (12:15 PM GMT)
BOC Monetary policy - Wednesday (14:00 GMT)
US Federal funds rate -Wednesday (18:00 GMT)
Canada GDP - Friday (12:30 GMT)
US Personal Spending -Friday (12:30 GMT)
