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The US dollar index showed a minor pullback due to the holiday mood. The number of people who have filed for unemployment benefits rose by 12000 last week, compared to an increase of 21000. US pending home sales came unchanged every month vs. an Estimate of 0.80%. Markets eye the US Chicago PMI for further direction.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Jan increased to 16.5% from 12.4% a week ago.
The US 10-year yield trade is flat on holiday mood. The US 10 and 2-year spread narrowed to -43% from -53.6%.
Major resistance- 101.30/102
Major support- 100.70/100.
EURUSD-
EURUSD declined slightly due to profit booking. The pair was one of the best performers this month and surged more than 3.5% due to the dovish Fed. The policy divergence between the US Fed and ECB and any indicative close above 1.1500 confirms further bullishness.
Major resistance-1.1150,1.2250
Major support- 1.1070,1.1020
Yen-
The pair gained slightly due to a minor pullback in US treasury yields.
Major Resistance- 142,143
Major support- 140.70,140
Canadian Dollar
The pair regained above 1.3200 due to easing Crude oil prices.
Major Resistance- 1.3250,1.3300
Major support- 1.3170, 1.3100
Economic calendar -
Dec 29th, 2023, Chicago PMI (2:45 pm GMT)
