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FxWirePro: Forex Daily Update
The US dollar index traded highly volatile after Fed monetary policy. The central bank kept its rates unchanged at 5.25%-5.50% for the fourth consecutive day. They stated that "recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have moderated since early last year but remain strong."minor pullback ahead of US Fed monetary policy. The committee said it would go for a rate cut only if inflation is moving sustainably at 2 percent".
According to the CME Fed watch tool, the probability of a no-rate cut in Mar at 65% from 58.80% a week ago.
The US 10-year yield declined sharply despite hawkish US Fed policy. The US 10 and 2-year spread narrowed to -31.5% from -53%.
Major resistance- 103.75/105
Major support- 102.70/101.60.
EURUSD-
EURUSD trades weak after hawkish US Fed policy. US ADP private employment grew at 107k in Jan, below expectations of 141000. German CPI came at a 2.9% YoY vs. an Estimate of 3.2%.
Eurozone Core CPI flash estimate (10:00 am GMT)
Major resistance-1.08850,1.1000
Major support- 1.0800,1.07200
Yen-
The yen traded higher as demand for safe-haven increased due to the escalation of geopolitical tension in the Middle East. Any close below 146.50 confirms further bearishness.
Major Resistance- 148.80,150
Major support- 146.50,145
Canadian Dollar
The Canadian dollar pared some of its gains despite upbeat Canada GDP data. the Canadian economy grew at 0.20% m/m in Nov, compared to a forecast of 0.10%.
Resistance- 1.3450,1.3500
Major support- 1.3400,1.3300
Feb 1st, 2024, BOE monetary policy (noon GMT)
US ISM manufacturing PMI (3 pm GMT)
