FxWirePro: Forex Daily Update

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