FxWirePro: Forex Daily Update

The US dollar index declined more than 50 pips after weak US economic data. It hit a low of 105.59 yesterday and is currently trading around 105.65.

US S&P manufacturing PMI cooled to 49.90 in Apr compared to a forecast of 52, composite declined to 50.90 vs. the Estimate of 52.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 84.60% from 82.70% a week ago.

Major resistance- 106.50/107

Major support- 105.35/104.45

Economic data for the day

Apr 24th, 2024, Core Durable Goods Orders m/m

EURUSD-

EURUSD holds above 1.0700 on upbeat Eurozone PMI. The Eurozone services PMI recovered to 52.90 compared to a forecast of 51.80.While the Eurozone manufacturing PMI worsened to 45.6 from 46.10 the previous month.

Eurozone economic calendar today

Apr 24th, 2024, German IFO business climate (12:30 pm GMT)

Major resistance-1.0760,1.0800

Major support- 1.0660,1.0600

Yen-

The pair trades near a 34-year high on policy divergence.EX-OFFICIAL: JAPAN IS VERY CLOSE TO INTERVENTION IF YEN FALLS MORE. Any break above 155 confirms major bullishness.

Major Resistance- 155,156

Major support- 153.70,152.68

Canadian Dollar

The Canadian dollar gained momentum ahead of retail sales. Any break below 1.3650 confirms further bearishness

Resistance- 1.3700,1.3765

Major support- 1.3650,1.3570