FxWirePro: Forex Daily Update

The US dollar index showed a minor pullback after a massive sell-off due to dismal US jobs data. It hit a high of 105.26 and is currently trading around 105.26.

US economic data

US ISM manufacturing PMI- weak (Bearish for US dollar index)

US ISM services PMI - Weak (Bearish for US dollar index)

US Nonfarm payroll- Weak (negative for the US dollar index)

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.3% from 90.3% a week ago.

Major resistance- 105.60/106.50

Major support- 104.50/103.80

EURUSD-

EURUSD pared some of its gains made during the past four days. The upbeat German and Euro zone PMI support the Euro at lower levels.Markets eye German factory orders for further direction. Federal Reserve Bank of Richmond President Thomas Barkin said he expects high-interest rates will further tamper economic growth and cool inflation to the central bank’s 2% target.

Major resistance-1.0820,1.0865

Major support- 1.0720,1.0660

Yen-

The yen was one of the best performers the previous week on Fx intervention. Any break below 153.40 confirms major bearishness.

Major Resistance- 155,157

Major support- 153.40,151.85

Canadian Dollar

The Canadian dollar was trading flat ahead of Canada’s PMI data. Any break above 1.3700 confirms further bullishness.

Resistance- 1.3700,1.3765

Major support- 1.3650,1.3600