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The US dollar index pared some of its gains made after upbeat US Nonfarm payroll data. All eyes are on US CPI data for further direction. Headline CPI is expected to show a marginal downtick to 3.1% on a yearly basis from 3.2%. On a monthly basis, headline CPI is to remain flat while core CPI is anticipated to move a little higher to 0.30% from 0.2% the previous month.
Major resistance- 104.30,105
Major support- 103.25/102.40.
Yen-
The Japanese Yen was the top performer the previous week after BOJ hints at a policy shift. The market speculates Bank of Japan would end negative interest rates.
Major Resistance- 146.60,148
Major support- 144.80, 143
Pound sterling
The pound sterling showed a minor pullback ahead of UK employment data. Any upbeat jobs data will push the pound sterling higher. Markets eye US Fed and BOE monetary policy for further movement.
Canadian dollar -
Canadian dollar trades in a narrow range despite hawkish BOC monetary policy. WTI crude oil showed a nice pullback of more than $2 on upbeat US economic data.
Economic calendar -
Dec 12th, 2023, UK claimant count change (7 am GMT)
German ZEW economic sentiment (10am GMT)
US CPI m/m (1:30 pm GMT)
