FxWirePro: Forex Daily Update 

The US dollar index has consolidated in a narrow range between 104.49 and 104.01 for the past four days. It hit a high of 104.47 yesterday and is currently trading around 104.348.

"There is no rush to cut the policy rate" right now, Fed Governor Waller said in a speech at an Economic Club of New York gathering. Recent data "tells me that it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2%."

According to the CME Fed watch tool, the probability of a no-rate cut in  June % increased to 36% from 29.8% a day ago.

 The US 10-year yields declined slightly ahead of the US Final GDP. The US 10 and 2-year spread narrowed to -40.2% from -53%.

Major resistance- 104.50/106

Major support- 103.40/102.70

EURUSD-
 
EURUSD  trades flat ahead of German retail sales. The Spanish CPI surged higher to 3.2% in Mar, compared to a forecast of 3.1%. Eurozone economic data today

Mar 28th, 2024, German Retail sales m/m (7 am GMT)

Major resistance-1.0880,1.0950

Major support- 1.0800,1.0760

Yen- 

The pair trades in a narrow range ahead of US economic data.  Any break above 152 confirms minor bullishness.

Major Resistance- 152,153

Major support- 150,149

Canadian Dollar 
    
The pair formed a triple top around 1.3620 ahead of US GDP. 

Resistance- 1.3620,1.3660

Major support- 1.3550,1.3500