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The US dollar index showed a minor pullback after hot US inflation data. The US PPI came at 0.30% Feb, slightly above the estimate of 0.20%, lower than the previous month's reading of 0.50%. The annual inflation surged to 1.6% vs. the Estimate of 1.1%. It hit a high of 103.48 yesterday and is currently trading around 103.44.
US retail sales rose by 0.60% m/m in Feb, below the estimate of 0.80%. Retail sales ex-auto came at 0.30% vs. a Forecast of 0.50%.
According to the CME Fed watch tool, the probability of a no-rate cut in Mar decreased to 99% from 96% a week ago.
The US 10-year yields gained more than 6% after upbeat US PPI data. The US 10 and 2-year spread narrowed to -40% from -53%.
Major resistance- 103.60/104.25
Major support- 102.70/102.
EURUSD-
EURUSD lost its shine as strong inflation will delay an early rate cut by the Fed. The number of people who have filed for unemployment benefits declined by 1000 to 209000 during the week ended Mar 9th, 2024.
Major resistance-1.09500,1.100
Major support- 1.0850,1.0760
Yen-
The pair showed a minor profit booking from a week's high. The policy divergence between the Fed and BOJ supports the pair at lower levels. Any break above 148.70 confirms minor bullishness.
Major Resistance- 150,151
Major support- 146.40,145
Canadian Dollar
The Canadian dollar showed a minor sell-off despite strong Crude oil prices. Canadian manufacturing sales came at 0.20% for Jan, below the estimate of 0.40%.
Resistance- 1.3550,1.3600
Major support- 1.3435,1.3380
