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US dollar Index-
The US dollar index pared some of its gains ahead of retail sales. It hit a low of 105.25 yesterday and is currently trading around 105.394.
Minneapolis Fed President Neel Kashkari said in a CBS interview that the Central would cut rates towards the end of the year. He also mentioned the Fed needs more evidence to convince inflation below the Fed target of 2%.
June Empire State manufacturing index came at -6 vs. Forecast of -10.50 and -15.60 prior.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 57.50% from 45.10% a week ago.
Major resistance- 105.50/107
Major support- 103.80/103
Major US economic data
June 18th, 2024, US retail sales (12:30 pm GMT)
EURUSD-
EURUSD showed a minor pullback ahead of German ZEW sentiment. Market eyes French political developments for further direction. It hit a high of 1.07409 and is currently trading around 1.07235.
Major European economic data
German ZEW economic sentiment (9 am GMT)
Major resistance-1.0800,1.0865
Major support- 1.0650,1.0600
Yen-
The pair is trading flat despite the hawkish comments from the BOJ Udea. The easing of US treasury yields also supports the yen at lower levels. Any close above 158 confirms further bullishness.
Major Resistance- 158,160
Major support- 156,154.50
Canadian Dollar
USDCAD is consolidating in a narrow range between 1.3790 and 1.36799 for the past five days. Any break above 1.3800 confirms further bullishness.
Resistance- 1.3800, 1.3900
Major support- 1.3700,1.3600
