FxWirePro: Forex Daily Update

FxWirePro: Forex Daily Update 

The US dollar index trades flat ahead of US CPI data. It hit a low of 104.09 yesterday and is currently trading around 104.159.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in  June decreased to 51.3% from  61.5% a week ago. 

Major resistance- 105.20/106

Major support- 104.40/103.80

                           
EURUSD-
 
EURUSD consolidated after a minor pullback. German industrial production rose 2.1% y/y in Feb, compared to a forecast of 0.30%. Markets await ECB monetary policy for further direction. 

                           
Major resistance-1.0880,1.0935

Major support- 1.0800,1.0720    

Yen- 

The pair hit a multi-decade high on a surge in US treasury yields. Any break above 152 confirms minor bullishness.

Major Resistance- 152,153

Major support- 150,149

Canadian Dollar
USDCAD trades higher after dismal Canadian jobs will push BOC to cut rates early. Markets eye BOC monetary policy tomorrow for further movement.
Resistance- 1.3660,1.37000

Major support- 1.3550,1.3500