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US dollar Index-
Last week, the US dollar index showed a minor pullback amid mixed US economic data. It hit a high of 105.91 and is currently trading around 105.73.
US retail sales grew marginally lower to 0.10% in May showing slight weakness in consumer spending. Housing starts and building permits came in below market expectations due to higher interest rates. US flash manufacturing and services PMI surged above market expectations.
The number of people who have filed for unemployment benefits declined by 5000 to 238000 in the week ending June 15th, 2024.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 57.90% from 61.10% a week ago.
US economic data for the day
Flash manufacturing and services PMI (1:45 pm GMT)
Major resistance- 106/107
Major support- 103.80/103
EURUSD-
EURUSD surged slightly above 1.0700 despite weak German IFO data. It hit a high of 1.07178 and is currently trading around 1.07149.
German IFO business climate came at 88.60 in June compared to a forecast of 89.70.
Major resistance-1.0760,1.0835
Major support- 1.0650,1.0600
Yen-
The pair holds above the 159 level despite BOJ comments about Forex's intervention. Any close above 160.20 confirms further bullishness.
Major Resistance- 160.20,162
Major support- 158,156
Canadian Dollar
The Canadian dollar gained momentum after Canadian retail sales. Any break above 1.3600 confirms further bullishness.
Resistance- 1.3730, 1.3800
Major support- 1.3660,1.3600
