FxWirePro: Forex Daily Update

The US dollar index pared some of its gains after the upbeat US jobs data. It hit a low of 104.22 yesterday and is currently trading around 104.34.

The US economy added 303000 jobs in Mar, compared to a forecast of 212000. The Unemployment rate declined to 3.8% from 3.9%. The US ISM manufacturing expanded above 50 for the first time in 16 months. Meanwhile, US ISM services dropped to a three-month low.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 46.2% from 55.2% a week ago.

Major resistance- 105.20/106

Major support- 104.40/103.80

Major US economic data

Apr 10th, 2024 US Core CPI m/m (1:30 pm GMT)

Apr 11th, 2024 US Core PPI m/m (1:30 pm GMT)

FOMC meeting minutes (7 pm GMT)

EURUSD-

EURUSD showed a minor pullback despite the upbeat US NFP. Markets await ECB monetary policy for further direction.

Eurozone economic data today

Apr 11th, 2024, ECB main refinancing rate (1:30 pm GMT)

Major resistance-1.0850,1.0900

Major support- 1.0800,1.0720

Yen-

The pair hits a multi-decade high on board-based US dollar buying. Any break above 152 confirms minor bullishness.

Major Resistance- 152,153

Major support- 150,149

Canadian Dollar

The Canadian dollar lost its shine after dismal Canadian jobs data. The economy lost 2200 jobs in Mar, jobless rate rose to 6.1%.

Resistance- 1.3660,1.37000

Major support- 1.3550,1.3500