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The US dollar index pared some of its gains after the upbeat US jobs data. It hit a low of 104.22 yesterday and is currently trading around 104.34.
The US economy added 303000 jobs in Mar, compared to a forecast of 212000. The Unemployment rate declined to 3.8% from 3.9%. The US ISM manufacturing expanded above 50 for the first time in 16 months. Meanwhile, US ISM services dropped to a three-month low.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in June decreased to 46.2% from 55.2% a week ago.
Major resistance- 105.20/106
Major support- 104.40/103.80
Major US economic data
Apr 10th, 2024 US Core CPI m/m (1:30 pm GMT)
Apr 11th, 2024 US Core PPI m/m (1:30 pm GMT)
FOMC meeting minutes (7 pm GMT)
EURUSD-
EURUSD showed a minor pullback despite the upbeat US NFP. Markets await ECB monetary policy for further direction.
Eurozone economic data today
Apr 11th, 2024, ECB main refinancing rate (1:30 pm GMT)
Major resistance-1.0850,1.0900
Major support- 1.0800,1.0720
Yen-
The pair hits a multi-decade high on board-based US dollar buying. Any break above 152 confirms minor bullishness.
Major Resistance- 152,153
Major support- 150,149
Canadian Dollar
The Canadian dollar lost its shine after dismal Canadian jobs data. The economy lost 2200 jobs in Mar, jobless rate rose to 6.1%.
Resistance- 1.3660,1.37000
Major support- 1.3550,1.3500
