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US dollar Index-
The US dollar index pared some of its gains on weak US GDP data. It hit a low of 104.63 and is currently trading around 104.82..
The US real gross domestic product in the first quarter came at 1.3% below forecast of 1.6%. the number of people who have filed for unemployment benefits rose by 3000 to 219000 for the week ended May 25th vs. Estimate of 218000.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.9% from 98.90% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Economic data for the day
May 30 th 2024, US core PCE index m/m (12:30 pm GMT)
EURUSD-
EURUSD trades weak after weak German retail sales. It hit a low of 1.08113 yesterday and is currently trading around 1.08204.
The surge in German annual inflation has decreased the chance of rate cut in June.
Major Economic data for the day-
Euro Core CPI y/y (9 am GMT)
Major resistance-1.0860,1.0900
Major support- 1.0780,1.0700
Yen-
The yen gained momentum after the hot Tokyo CPI data. It rose 2.2% YoY in May from previous 1.8%. Any break above 158 confirms further bullishness.
Major Resistance- 158,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar trades ahead of Canada GDP data. Any break above 1.3750 confirms further bullishness.
Resistance- 1.3750,1.3800
Major support- 1.3660,1.3600
