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The US dollar index showed a minor sell-off despite upbeat US economic data. US Conference Board consumer rose to 110.70 in Nov, compared to a forecast of 104.60. US existing home sales increased 0.80% unexpectedly in Oct to a seasonally adjusted annual rate of 3.82 million vs. an Estimate of 3.77 million.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Jan increased to 12.4% from 10.2% a week ago.
The US 10-year yield lost more than 1.5% after a minor pullback. The US 10 and 2-year spread narrowed to --50% from -39%.
Major resistance- 102.65/103.20
Major support- 101.70/101.
EURUSD-
EURUSD has consolidated in a narrow range between 1.09874 and 1.09296 for the past two days. German PPI declined by 7.9% y/y in Nov, below the market consensus of -7.5%. German GfK Consumer Confidence index improved slightly to -25.10 from a revised -27.60.
Major resistance- 1.0965,1.1020
Major support- 1.08600,1.0800
Yen-
The yen gained sharply despite the dovish BOJ policy stance. Market eyes on Japan CPI and monetary policy meeting minutes.
Major Resistance- 144,145
Major support- 142.80,141.50
Pound sterling
The pound sterling lost its shine after weak UK inflation. UK CPI came at 3.9% in Nov, compared to a forecast of 4.4%. The core CPI increased 5.1% y/y in Nov vs. Forecast of 5.6%.
Major Resistance- 1.2700,1.2765
Major support- 1.2600,1.2540
Economic calendar -
Dec 21st, 2023, US Final GDP q/q (1:30 pm GMT)
US unemployment claims (1:30 pm GMT)
