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The US dollar index holds above 102.50 ahead of the US Nonfarm payroll. The US private sector rose by 164000 in Dec compared to a forecast of 115000. The number of people who have filed for unemployment benefits declined by 18000 to 202K the previous week vs.217K. It hit a high of 102.71 and is currently trading around 102.52.
According to the CME Fed watch tool, the probability of a no-rate cut in Jan increased to 95.3% from 83.5% a week ago.
The US 10-year yield gained above 4% after Upbeat US economic data. The US 10 and 2-year spread narrowed to -38% from -53.6%.
Major resistance- 103/104
Major support- 102/101.60.
EURUSD-
EURUSD trading flat ahead of US jobs data. The German inflation showed an uptick to 3.7% year-year., a jump from November's 3.2%. Every month it shows a modest rise of 0.1%, in line with expectations—economic data to watch Eurozone CPI.
Major resistance-1.100,1.1075
Major support- 1.0880,1.0800
Yen-
The Yen lost its shine amid surging US treasury yield. Japan's consumer confidence rose to 37.20 in Dec, well above the forecast of 36.40. Any close above 145 confirms further bullishness.
Major Resistance- 145,146
Major support- 144,143
Canadian Dollar
The pair gained momentum ahead of Canadian employment data.
Major Resistance- 1.3380,1.3435
Major support- 1.3300, 1.3220
Economic calendar -
Jan 4th, 2024, US NFP (1:30 pm GMT)
Canada employment change
