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Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
Wall Street Analysts Weigh in on Latest NFP Data 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
The US dollar index pared some of its gains despite strong inflation data. It hit a low of 104.14 at the time of writing and is currently trading around 104.229.
US inflation (CPI and PPI) came higher than anticipated, increasing the chance of delay in a rate cut. US retail sales declined by -0.80% in Jan compared to a forecast of -0.20%.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar increased to 89.5% from 84% a week ago.
The US 10-year yields showed a minor pullback after the strong US PPI. The US 10 and 2-year spread narrowed to -36.30% from -53%.
Major resistance- 105/106
Major support- 104.50/103.80.
EURUSD-
EURUSD consolidated in a narrow range of 1.07955 and 1.07225 for the past week. The consumer sentiment released by Michigan Consumer sentiment improved from 79 in Jan to 79.6 in Feb. The number of people who have filed for unemployment benefits rose by 212000 in the week ended Feb 10, compared to a forecast of 219K. Markets eye Euro and German flash manufacturing PMI on Thursday for further direction.
Major resistance-1.0760,1.0800
Major support- 1.070,1.06600
Yen-
The pair lost its shine after upbeat Japanese machinery orders and strong US PPI data. Any break above 152 confirms further bullishness.
Major Resistance- 151,152
Major support- 148,146.50
Canadian Dollar
The Canadian dollar showed a minor uptick due to strong crude oil prices. Canada's wholesale sales rose 0.30% in Dec, below the estimate of -0.70%.
Resistance- 1.3550,1.3600
Major support- 1.3435,1.3380
