The US dollar index has consolidated in a narrow range between 104.49 and 104.01 for the past four days. It hit a high of 104.47 yesterday and is currently trading around 104.348.
"There is no rush to cut the policy rate" right now, Fed Governor Waller said in a speech at an Economic Club of New York gathering. Recent data "tells me that it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2%."
According to the CME Fed watch tool, the probability of a no-rate cut in June % increased to 36% from 29.8% a day ago.
The US 10-year yields declined slightly ahead of the US Final GDP. The US 10 and 2-year spread narrowed to -40.2% from -53%.
Major resistance- 104.50/106
Major support- 103.40/102.70
EURUSD-
EURUSD trades flat ahead of German retail sales. The Spanish CPI surged higher to 3.2% in Mar, compared to a forecast of 3.1%. Eurozone economic data today
Mar 28th, 2024, German Retail sales m/m (7 am GMT)
Major resistance-1.0880,1.0950
Major support- 1.0800,1.0760
Yen-
The pair trades in a narrow range ahead of US economic data. Any break above 152 confirms minor bullishness.
Major Resistance- 152,153
Major support- 150,149
Canadian Dollar
The pair formed a triple top around 1.3620 ahead of US GDP.
Resistance- 1.3620,1.3660
Major support- 1.3550,1.3500


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