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The US dollar index showed a minor pullback after mixed US economic data. It hit a high of 104.66 yesterday and is currently trading around 104.63.
The number of people who have filed for unemployment benefits declined by 10000 to 222000 in the week ending May 11, compared to the forecast of 219000. Building permits declined by 3% to 1.440 million, below the forecast of 1.480 million.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 91.3% from 96.5% a week ago.
Major resistance- 105.60/106.50
Major support- 104.50/103.80
Major economic data for the week
May 16th, 2024, US jobless claims, Building permits, Philly Fed Manufacturing Index (12:30 pm GMT)
EURUSD-
EURUSD pared some of its gains on a slight pullback in US yields. The easing of US inflation and strong US jobless claims push the US Fed to cut rates by Sep. US Philly Fed manufacturing activity declined to 4.5, compared to an Apr reading of 15.50. It hit a low of 1.08544 yesterday and is currently trading around 1.08585.
May 16th, 2024, ECB Final core CPI (8 am GMT)
Major resistance-1.0900,1.100
Major support- 1.0800,1.0720
Yen-
The pair gained sharply as BOJ maintained its bond-buying program. Any break above 157 confirms further bullishness.
Major Resistance- 156,157
Major support- 154.50,153.40
Canadian Dollar
The Canadian dollar shines despite weak crude oil. Any break below 1.3580 confirms further bearishness.
Resistance- 1.3660,1.3765
Major support- 1.3580,1.3535
