FxWirePro- Forex Daily Update

The US dollar index pared some of its gains after the dismal US economic data. It hit a high of 105.52 and is currently trading around 105.612.

The US economy slowed to 1.6% at an annual rate well below the forecast of 2.5%. The number of people who have filed for unemployment benefits fell by 5000 to 20700 in the week ended Apr 20th vs. Estimate of 214000.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 85.20% from 83.4% a week ago.

Major resistance- 106.50/107

Major support- 105.35/104.45

Economic data for the day

Apr 26th, 2024, US PCE (12:30 pm GMT)

Revised UoM consumer sentiment (2:00 pm)

EURUSD-

EURUSD gained momentum after the weak US GDP data. German consumer confidence improved to -24.2 in May vs. the Estimate of -25.90. Markets eye US PCE data for further movement.

Major resistance-1.0760,1.0800

Major support- 1.0660,1.0600

Yen-

The pair traded above 155 after easing Tokyo CPI data. Markets await BOJ monetary policy for further direction. Any break above 155 confirms major bullishness.

Major Resistance- 156,157

Major support- 154.50,153.50

Canadian Dollar

The Canadian dollar remained strong as an escalation of tension between Iran and Israel pushed crude oil prices higher. Any break below 1.3650 confirms further bearishness.

Resistance- 1.3750,1.3800

Major support- 1.3650,1.3570