FxWirePro: Forex Daily Update

The US dollar index trades weak ahead of US Nonfarm payrolls data. It hit a low of 103.71 yesterday and is currently trading around 104.31.

The US economy is expected to add 213000 jobs in Mar from 275000 jobs the previous month. While the unemployment rate fell to 3.8% from 3.9% in Feb.  

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June decreased to 65.4% from  55.20% a week ago.

Major resistance- 105.20/106

Major support- 104.40/103.80

EURUSD-

EURUSD pared some of its gains ahead of the US jobs data. The jump in US jobless claims and trade deficit puts pressure on the US dollar at higher levels.

The number of people who have filed for unemployment benefits rose to  221000 for the week ending Mar 30, compared to a forecast of 213K.

 Eurozone economic data today

Apr 5th, 2024, German Factory orders  (7 am GMT)

Major resistance-1.0850,1.0900

Major support- 1.0800,1.0720

Yen-

The pair pared some of its gains on the Japanese Forex intervention. Any break above 152 confirms minor bullishness.

Major Resistance- 152,153

Major support- 150,149

Canadian Dollar

The Canadian dollar lost its shine after a dismal Trade balance. Canada posted than expected trade surplus of $1.03 billion on strong Gold exports. Markets await Canadian jobs data today for further movement.

Resistance- 1.3620,1.3660

Major support- 1.3500,1.3435