FxWirePro- Forex Daily Update

 US dollar Index-

The US dollar index trades weak ahead of US Nonfarm payrolls. It hit a low of 104.97 and is currently trading around 104.99.

The US economy is expected to add 191000 jobs in June from the previous month 272000. Unemployment rate to tick up 6.3% from 6.2%.  Average hourly earnings are expected to drop to 0.30% in June from 0.40%.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 66.50% from 57.90% a week ago.

Major resistance- 106.20/107

Major support- 105.20/104.45

EURUSD-

EURUSD holds higher ahead of EU retail sales and US NFP data. It hit a high of 1.08246 and is currently trading around 1.08195.

German factory orders dropped to 1.6% m/m in May, below the estimate of 0.50%

Major resistance-1.0865,1.0900

Major support- 1.0760,1.0700

Yen-

The pair showed a minor sell-off on Japanese Fx intervention fear.  Any close above 162 confirms further bullishness.

Major Resistance- 162,163

Major support- 159.80,15

Canadian Dollar

The pair trades flat ahead of Canadian employment data. Any break below 1.3600 confirms further bearishness.

Resistance- 1.3660, 1.3725

Major support- 1.3600,1.3535