FxWirePro- Forex Daily Update

FxWirePro: Forex Daily Update

The US dollar index pared most of its gains after the US jobs data. It hit a low of 104.18 yesterday and is currently trading around 104.18.

US private payrolls surged at the fastest pace since July 2023  to 184000 in Mar, compared to a forecast of 148000. "Recent readings on both job gains and inflation have come in higher than expected," Powell said at a forum at Stanford University overnight.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June decreased to 61.50% from  63.70% a week ago.

Major resistance- 105.20/106

Major support- 104.40/103.80

EURUSD-

EURUSD  showed a minor pullback as Eurozone inflation cools. The Eurozone HICP inflation jumped 2.4% in Mar, below the estimate of 2.6%. The core HICP cools down to 2.9% YoY in Mar vs. Estimate 3.0%.

US ISM services PMI fell to 51.4 in March, below expectations of 53.40.   

 Eurozone economic data today

Apr 4th, 2024, German Final Services PMI  (8:55 am GMT)

Major resistance-1.0850,1.0900

Major support- 1.0800,1.0720

Yen-

The pair holds above 151.50 on the Bank of Japan's cautious outlook. The pair upside is capped due to BOJ fx intervention and dovish rate hike. 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- 1.3500,1.3435