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The US dollar index trading flat ahead of the US FOMC meeting minutes. It hit a high of 104.79 and is currently trading around 104.65.
Fed Governor Christopher Waller said in a speech yesterday that several more months of favorable inflation data are needed for rate cuts."Central bankers should never say never, but the data suggests that inflation isn't accelerating, and I believe that further increases in the policy rate are probably unnecessary," said Waller.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 93.50% from 96.7% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Economic data for the day
FOMC meeting minutes (6:00 pm GMT)
EURUSD-
EURUSD traded in a narrow range after ECB President Lagarde's speech. It hit a low of 1.08425 yesterday and is currently trading around 1.08532.
ECB President Lagarde indicated that the central bank is planning to cut rates in June due to declining inflation.
Major resistance-1.0900,1.100
Major support- 1.0800,1.0720
Yen-
The pair holds above the 155 level on hawkish comments from Fed members. Any break above 157 confirms further bullishness.
Major Resistance- 157,158
Major support- 154.50,153.40
Canadian Dollar
The Canadian dollar lost momentum after weak inflation data. Canadian inflation cooled in April to 2.7% y/y, from 2.9% in Mar. Any break above 1.3700 confirms further bullishness.
Resistance- 1.3700,1.3765
Major support- 1.3580,1.3535
