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FxWirePro: Forex Daily Update
The US dollar index lost its shine after the dovish Fed chairman's testimony. The central bank is ready to cut rates this year if economic data supports them. He said that the Fed needs more confidence in inflation to cut. It hit a low of 103.21 and is currently trading around 103.
US private employment rose 14000 in Feb, compared to a forecast of 150000.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 95% from 96% a week ago.
The US 10-year yields showed a minor sell-off after the dovish Powell comments. The US 10 and 2-year spread narrowed to -44.50% from -53%.
Major resistance- 104.25/105
Major support- 103/102.
Economic data for the day
Mar 7th, 2024, US initial jobless claims (3 pm GMT)
EURUSD-
EURUSD jumped more than 1.0900 level on board-based US dollar selling. Markets eye the European Central Bank (ECB) for further movement. Any dovish comments from ECB president Lagarde will prevent the pair from further upsides.
Major resistance-1.0935,1.100
Major support- 1.0850,1.0760
Yen-
The yen gained momentum due to renewed hopes of a rate hike by the BOJ. Any break below 148 confirms minor bearishness.
Major Resistance- 151,152
Major support- 148,146.50
Canadian Dollar
The Canadian dollar showed a minor jump after the BOC monetary policy. The central bank kept its rates unchanged at 5% and said that can't mention the timing of the rate cut.
Resistance- 1.3550,1.3600
Major support- 1.3500,1.3435
