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US dollar Index-
The US dollar index traded flat after more hawkish comments from Fed officials. It hit a low of 105.12 and is currently trading around 105.28.
Cleveland Federal Reserve President Loretta Mester said that it is good to consider a "longer run of good-looking inflation data" before a rate cut. Minneapolis Fed President Neel Kashkari preferred to wait till December to cut rates. Philadelphia Federal Reserve President Patrick Harker wants to keep rates on hold for a longer period.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 57.90% from 59.6% a week ago.
US economic data for the day
Philly Fed manufacturing Index and Building permits (12:30 pm GMT)
Major resistance- 105.50/107
Major support- 103.80/103
EURUSD-
EURUSD consolidating in a narrow range ahead of Eurozone PMI data. It hit a high of 1.07535 and is currently trading around 1.07420.
The policy divergence between the Fed and ECB puts pressure on the Euro at a higher level.
Major resistance-1.0800,1.0865
Major support- 1.0650,1.0600
Yen-
The pair holds above 158 despite weak US treasury yields. Any close above 158 confirms further bullishness.
Major Resistance- 158.25,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar gained momentum as crude oil prices surged more than $3 this week. Any break above 1.3800 confirms further bullishness.
Resistance- 1.3800, 1.3900
Major support- 1.3700,1.3600
