FxWirePro- Forex Daily Update

FxWirePro: Forex Daily Update

The US dollar index trades flat ahead of US Fed monetary policy. Any hawkish rate pause will push the US dollar index higher. It hit a high of 103.68 yesterday and is currently trading around 103.662.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar decreased to 99% from 98% a week ago.

 The US 10-year yields hit a one-month high as the Fed ed to postpone the rate cut. The US 10 and 2-year spread narrowed to -40% from -53%.

Major resistance- 103.60/104.25

Major support- 102.70/102.

EURUSD-

EURUSD hovers near multi-day lows on the strong US dollar. The market awaits German ZEW economic sentiment for further movement. Major Eurozone economic data today

Mar 19th 2024, German ZEW economic sentiment (10 am GMT)

Major resistance-1.09500,1.100

Major support- 1.0850,1.0760

Yen-

The pair lost its shine after BOJ's monetary policy. The Bank of Japan has kept its uncollateralized overnight call rate to remain around 0 to 0.10%. Any break above 150 confirms minor bullishness.

Major Resistance- 150,151

Major support- 146.40,145

Canadian Dollar

The Canadian dollar trading in a narrow range ahead of the Canadian CPI data. Any dismal Canadian CPI will push the pair further higher.

Resistance- 1.3550,1.3600

Major support- 1.3435,1.3380