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US dollar Index-
The US dollar index rebounded more than 50 pip amid weak inflation data. It hit a high of 105.80 yesterday and is currently trading around 105.52.
The weak US inflation data increases the chance of a rate cut by the Fed in Sep.US CPI came unchanged in May, the first time since Jul 2022. Core CPI rose mildly to 0.20%, the smallest monthly increase since Aug 2021. Producer Price Index in the US rose 2.2% YoY in May, below the estimate of 2.5%.US PPI for final demand declined -0.20%m/m in May, below expectations of 0.20%.
The number of people who have filed for unemployment benefits rose by 13000 to 242k in the week ending June 8th, above expectations of 242K.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 61.10% from 46.60% a week ago.
Major resistance- 105.50/107
Major support- 103.80/103
Major US economic data
Jun 17th, 2024, US Empire State Manufacturing Index (12:30 pm GMT)
June 18th, 2024, US retail sales (12:30 pm GMT)
June 20th, 2024, Philly Fed Manufacturing Index and Building permits (12:30 pm GMT)
June 21st, 2024, US flash manufacturing PMI (1:45 pm GMT)
EURUSD-
EURUSD is trading weak due to France's political uncertainty. It hit a low of 1.06675 and is currently trading around 1.07032.
French President Emmanuel Macron announced to dissolution of the parliament after landslide victory by far right's landslide victory in European elections.
Major European economic data
German and French Flash manufacturing PMI (7:30 am GMT)
Major resistance-1.0800,1.0865
Major support- 1.0650,1.0600
Yen-
The yen continues to trade weak as BOJ has kept its rates unchanged at 0%. rates unchanged. BOJ said it would taper its huge bond-buying purchases. Any break above 158 confirms further bullishness.
Major Resistance- 158,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar pared its gains after dovish comments from BOC Gov Macklem. Any break above 1.3800 confirms further bullishness.
Resistance- 1.3800, 1.3900
Major support- 1.3700,1.3600
