FxWirePro: Forex Daily Update

The US dollar index pared some of its gains ahead of US durable goods orders. It hit a high of 104.47 yesterday and is currently trading around 104.21.

Sales of New US homes declined unexpectedly in Feb to 662000 units compared to a forecast of 675k.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June % increased to 64.2% from 50% a week ago.

The US 10-year yields halted their one-week bearish trend ahead of US economic data. The US 10 and 2-year spread narrowed to -34% from -53%.

Major resistance- 104.50/106

Major support- 103.40/102.70

EURUSD-

EURUSD  trading in a narrow range of 1.08017 and 1.08456 in the past two days. Fed Atlanta President Raphael Bostic predicts only one rate cut this year. Eurozone economic data today

Mar 26th, 2024, German GfK consumer climate (7 am GMT)

Major resistance-1.0880,1.0950

Major support- 1.0800,1.0760

Yen-

The pair showed a minor decline as the market feared Japanese authorities' intervention in th Fx markets.  Any break above 152 confirms minor bullishness.

Major Resistance- 152,153

Major support- 150,149

Canadian Dollar

The Canadian dollar recovered slightly on strong crude oil prices.

Resistance- 1.3620,1.3660

Major support- 1.3550,1.3500