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The US dollar index declined sharply after Fed monetary policy. Fed leaves rates unchanged for 5th consecutive time. It continues to expect three rate cuts of 75 bpbs this year. The central bank has raised core PCE inflation for 2024 to 2.6%. It hit a high of 103.17 yesterday and is currently trading around 103.232.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June % increased to 67.4% from 55.6% a day ago.
The US 10-year yields pared some of their gains after a dovish rate pause by the Fed. The US 10 and 2-year spread narrowed to -33% from -53%.
Major resistance- 103.60/104.25
Major support- 102.70/102.
EURUSD-
EURUSD showed a minor pullback after a dovish Powell. German PPI dropped 4.1% on an annualized basis above expectations of 3.8%. Major Eurozone economic data today
Mar 19th, 2024, German flash manufacturing and services PMI (8:30 am GMT)
Major resistance-1.09500,1.100
Major support- 1.0850,1.0760
Yen-
The yen gained momentum after the Fed policy statement. The policy divergence between the BOJ and Fed supports the Yen at lower levels. Any break above 150 confirms minor bullishness.
Major Resistance- 152,153
Major support- 150,149
Canadian Dollar
The Canadian dollar surged sharply as the US Fed hinted at three rate cuts this year..
Resistance- 1.3500,1.3600
Major support- 1.3435,1.3380
