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The US dollar index showed a minor sell-off ahead of US PPI data and retail sales. US retail sales are expected to improve to 0.80% m/m from -0.80% m/m the previous month. Retail sales, excluding autos are anticipated to surge to 0.50% MoM in Feb from -0.60% Jan. It hit a low of 102.66 yesterday and is currently trading around 102.885.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 99% from 96% a week ago.
The US 10-year yields gained more than 4% ahead of US PPI. The US 10 and 2-year spread narrowed to -44% from -53%.
Major resistance- 104.25/105
Major support- 102.30/101.60.
EURUSD-
EURUSD is trading higher for the second consecutive day ahead of US PPI data. ECB board member Villeroy said that the ECB will lower rates in spring if inflation comes below 2%.
Major resistance-1.09500,1.100
Major support- 1.0850,1.0760
Yen-
The yen declined more than 100 pips despite wage increases by various large corporations. Any break above 148.20 confirms minor bullishness.
Major Resistance- 150,151
Major support- 146.40,145
Canadian Dollar
The Canadian dollar showed a minor pullback on strong crude oil prices.
Resistance- 1.3550,1.3600
Major support- 1.3435,1.3380
