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The US dollar index surged sharply after the weak CPI data. US CPI rose 0.30% m/m in Jan, compared to a forecast of 0.20%. The annualized CPI slows down from 3.1% to 3.4% yoy, above expectations of 2.9% yoy. It hit a high of 104.96 yesterday and is currently trading around 104.79.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 91% from 81% a week ago.
The US 10-year yields jumped more than 3% as the chance of rate cut hopes decreased. The US 10 and 2-year spread narrowed to -31.7% from -53%.
Major resistance- 105/106
Major support- 104.50/103.80.
EURUSD-
EURUSD trades weak after the weak US CPI data. German ZEW economic sentiment surged to 19.90 in Feb vs .forecast of 17.50.
Major Eurozone economic data -
Feb 14th 2024, Euro flash GDP q/q (10 am GMT)
Major resistance-1.0760,1.0800
Major support- 1.070,1.06600
Yen-
The pair hits a multi-week high on policy divergence between the US Fed and BOJ. Any close above 150 confirms further bullishness.
Major Resistance- 150,152
Major support- 148,146.50
Canadian Dollar
The Canadian dollar pared some of its gains on the board-based US dollar buying.
Resistance- 1.3600,1.3660
Major support- 1.3535,1.3480
