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The US dollar index traded quietly as markets closed yesterday due to Memorial Day. It hit a low of 104.41 and is currently trading around 104.45.
Markets will remain silent until US GDP (May 30th) and US PCE (May 31st)0 is released for further major movement.
The number of people who have filed for unemployment benefits fell by 8000 in the week ended May 18th to 215000 vs. the Forecast of 220000.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 99.10% from 96.50% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Economic data for the day
May 28th 2024, US consumer confidence (2:00 pm GMT)
S&P/CS composite -20 HPI y/y
EURUSD-
EURUSD gained momentum despite the German IFO data. It hit a high of 1.08800 and is currently trading around 1.08727.
The latest German IFO business climate declined to 89.30 in May compared to a forecast of 90.30. The policy divergence between the Fed and the ECB puts higher-level pressure on the pair.
Major resistance-1.0900,1.100
Major support- 1.0800,1.0720
Yen-
The yen showed a minor uptick after the improvement in Services PPI. Any break above 158 confirms further bullishness.
Major Resistance- 158,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar gained momentum on strong US crude oil. Any break below confirms further bullishness.
Resistance- 1.3700,1.3765
Major support- 1.3580,1.3535
