FxWirePro: Forex Daily Update 

The US dollar index showed a minor sell-off after weak US GDP data.  The United States GDP grew at an annualized rate of 3.2% in Q4, missing market expectations of 3.3%. It hit a low of 103.839 at the time of writing and is currently trading around 103.846.

According to the CME Fed watch tool, the probability of a no-rate cut in  Mar increased to 97.50% from 94% a week ago.

 The US 10-year yields trade in a narrow range ahead of the US PCE. The US 10 and 2-year spread narrowed to -37.6% from -53%.

Major resistance- 104.25/105

Major support- 103/102.

Economic data for the day 

US  Core PCE index (1:30 pm GMT)

         US initial jobless claims 
 
Chicago PMI (2:45 pm GMT)

US pending home sales (3:00 pm GMT)

EURUSD-
 
EURUSD consolidating in a narrow range ahead of major US and eurozone economic data.

 German Prelim CPI m/m 

Major resistance-1.0880,1.0935

Major support- 1.0760,1.0700

Yen- 

The yen gained momentum after hawkish comments from BOJ Takata. Any break below 149.50 confirms minor weakness.

Major Resistance- 151,152

Major support- 148,146.50

Canadian Dollar 
    
The pair gained above 1.3550 despite strong crude oil prices. Markets eye Canada's GDP for further direction.

Resistance- 1.3600,1.3660

Major support- 1.3435,1.3380