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The US dollar index showed a minor sell-off after weak US GDP data. The United States GDP grew at an annualized rate of 3.2% in Q4, missing market expectations of 3.3%. It hit a low of 103.839 at the time of writing and is currently trading around 103.846.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 97.50% from 94% a week ago.
The US 10-year yields trade in a narrow range ahead of the US PCE. The US 10 and 2-year spread narrowed to -37.6% from -53%.
Major resistance- 104.25/105
Major support- 103/102.
Economic data for the day
US Core PCE index (1:30 pm GMT)
US initial jobless claims
Chicago PMI (2:45 pm GMT)
US pending home sales (3:00 pm GMT)
EURUSD-
EURUSD consolidating in a narrow range ahead of major US and eurozone economic data.
German Prelim CPI m/m
Major resistance-1.0880,1.0935
Major support- 1.0760,1.0700
Yen-
The yen gained momentum after hawkish comments from BOJ Takata. Any break below 149.50 confirms minor weakness.
Major Resistance- 151,152
Major support- 148,146.50
Canadian Dollar
The pair gained above 1.3550 despite strong crude oil prices. Markets eye Canada's GDP for further direction.
Resistance- 1.3600,1.3660
Major support- 1.3435,1.3380
