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US dollar Index-
The US dollar index gained moderately after the retail sales data. It hit a high of 104.51 and is currently trading at around 104.19.
US retail sales remained flat in June, above the forecast of -0.30%. Core retail sales rose 0.40% in June vs. an Estimate of 0.10%.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 93.30% from 70.2% a week ago.
Major resistance- 105/106.20
Major support- 104/103
US economic data for the day
July 17th, 2024, US building permits (12:30 pm GMT)
EURUSD-
EURUSD showed a minor pullback after the upbeat German ZEW. It hit a low of 1.09069 and is currently trading around 1.09059.
German ZEW economic sentiment rose to 41.80 in June, above the forecast of 41.20.
Major resistance-1.0920,1.100
Major support- 1.0860,1.0750
Yen-
The yen gained slightly due to easing US treasury yields. Any close above 159.50 confirms further bullishness.
Major Resistance- 160,162
Major support- 157,155.70
Canadian Dollar
The Canadian dollar gained after the Canadian CPI data. The inflation dropped to 2.6% vs. the Estimate of 2.7%. Any break above 1.3720 confirms further bullishness.
Resistance- 1.3725, 1.3765
Major support- 1.3660,1.3600
