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The US dollar index recovered sharply after upbeat US economic data. It hit a high of 104.21 at the time of writing and is currently trading around 104.20.
The number of people who have filed for unemployment benefits declined by 2000 to 21000 for the week ended Mar 16th compared to a forecast of 215000. Manufacturing activity in Philadelphia slipped to 3.2 in Mar from 5.2 the previous month. US Flash manufacturing came in above expectations, while services PMI declined to 51.7 vs. the Forecast of 52.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June % increased to 65.9% from 54.6% a week ago.
The US 10-year yields traded weak for the third consecutive day. The US 10 and 2-year spread narrowed to -33% from -53%.
Major resistance- 104.25/105
Major support- 103.40/102.70
EURUSD-
EURUSD showed a minor sell-off after the mixed German PMI data. German Mar flash manufacturing PMI dropped to 41.60, compared to a forecast of 43.10. While flash services PMI recovered to 49.80 from 48.30 the previous month. Major Eurozone economic data today
Mar 22nd, 2024, German IFO business climate (9 am GMT)
Major resistance-1.0880,1.0950
Major support- 1.0800,1.0760
Yen-
The pair gained momentum despite the dovish rate pause by the Fed. Any break above 152 confirms minor bullishness.
Major Resistance- 152,153
Major support- 150,149
Canadian Dollar
The Canadian dollar pared some of its gains ahead of Canadian retail sales.
Resistance- 1.3600,1.3660
Major support- 1.3435,1.3380
