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The US dollar index showed a minor sell-off ahead of US economic data. It hit a low of 104.68 yesterday and is currently trading around 104.71.
US ISM manufacturing index expanded in March to 50.30 after 16 months of contraction, compared to a forecast of 48.50.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 61.80% from 56.80% a day ago.
The US 10-year yields jumped more than 5% after upbeat US jobs data. According to a BLS report, JOLTS job openings surged to 8.75 million in Feb, compared to a forecast of 8.74 million. The US 10 and 2-year spread narrowed to -35.9% from -53%.
Major resistance- 105.20/106
Major support- 104.40/103.80
EURUSD-
EURUSD showed a minor pullback despite weak German CPI data.
The German CPI declined to 2.2% YoY in Mar from 2.5% in Feb. The German final manufacturing PMI expanded at a slower pace at 41.90 in Feb vs. Est 41.60.
Eurozone economic data today
Apr 3rd, 2024, Eurozone Core CPI y/y (10 am GMT)
Major resistance-1.0770,1.0850
Major support- 1.0700,1.0660
Yen-
The pair gained on surging US treasury yields. Any break above 152 confirms minor bullishness.
Major Resistance- 152,153
Major support- 150,149
Canadian Dollar
The pair showed a minor weakness as crude oil prices hit a five-month high.
Resistance- 1.3620,1.3660
Major support- 1.3550,1.3500
