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Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
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UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
The US dollar index pared most of its gains the previous week after easing US inflation.It hit a high of 104.08 and is currently trading around 104.43.
The headline and core consumer prices declined considerably in Apr after three consecutive jumps. The dismal US retail sales and Philly Fed manufacturing index has renewed the chance of a rate cut by the Fed this year.
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 91.1% from 96.5% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Major economic data for the week
May 20th, 2024, US Flash manufacturing PMI and services PMI (1:45 pm GMT)
May 24th, 2024, Durable goods orders m/m (12:30 pm GMT)
EURUSD-
EURUSD gained momentum on board-based US dollar selling. Fed Reserve Richmond President said that the Fed needs to keep rates a little higher to drag inflation down. It hit a high of 1.08949 the previous week and is currently trading around 1.08807.
May 21st, 2024, ECB President Lagarde Speech (8 am GMT)
May 23rd, 2024, German flash Manufacturing and services PMI
Major resistance-1.0900,1.100
Major support- 1.0800,1.0720
Yen-
The pair gains for the third consecutive day despite rate cut hopes. Any break above 157 confirms further bullishness.
Major Resistance- 156,157
Major support- 154.50,153.40
Canadian Dollar
The Canadian dollar shines on strong crude oil. Any break below 1.3580 confirms further bearishness.
Resistance- 1.3660,1.3765
Major support- 1.3580,1.3535
