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FxWirePro: Forex Daily Update
The US dollar index pared some of its gains despite positive US data. Philly fed manufacturing declined to -10.6 in Jan, compared to a forecast of -7.0. Building permits rose to 1.50 M in Dec 1.9% higher than the previous month. Housing starts came in at a 1.46 million annual rate in Dec, declining from the previous month's 1.53 million. It hit a low of 103.31 and is currently trading around 103.36.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 97.40% from 95.90% a week ago.
The US 10-year yield 'gained more than 6% on strong US economic data. The US 10 and 2-year spread narrowed to -20.7% from -53%.
Major resistance- 103.75/105
Major support- 102/101.60.
EURUSD-
EURUSD trades flat ahead of German PPI data. Fed official R.Bostic (Atlanta) cautioned to avoid rate cut early.
Major resistance-1.090,1.0965
Major support- 1.0860,1.0800
Yen-
The pair gained momentum on board- based US dollar buying. Any close above 148.60 confirms further bullishness.
Major Resistance- 148.60,150
Major support- 147.70,146.40
Canadian Dollar
The pair trading flat ahead of Canadian retail sales.
Resistance- 1.3570,1.3645
Major support- 1.3480, 1.3435
Economic calendar
Canada retail sales (1:30 pm GMT)
Prelim UoM consumer sentiment (3:00 pm GMT)
Existing Home Sales (3:00 pm GMT)
