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The US dollar index pared some of its gains on Durable goods revisions. It hit a low of 104.63 and is currently trading around 104.70.
The minutes from the Apr 30th - May 1st FOMC meeting show that the central bank remains hawkish and further courses of action are data dependent. The Fed plans to keep rates on hold until inflation cools below 2%.
US durable goods orders rose 0.70% in Apr vs. Forecast of -0.80%. Core Durable goods orders excluding transportation rose 0.40% in Apr compared to a forecast of 0.10%. The US S&P Global Composite flash manufacturing PMI and services PMI exceeded market expectations.
The number of people who have filed for unemployment benefits fell by 8000 in the week ended May 18th to 215000 vs. the Forecast of 220000.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 99.10% from 91.1% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Economic data for the day
May 28th, 2024, US consumer confidence (2:00 pm GMT)
S&P/CS composite -20 HPI y/y
May 30th 2024, Prelim GDP q/q (12:30 pm GMT)
May 31st, 2024, US PCE price index m/m (12:30 pm GMT)
EURUSD-
EURUSD gained momentum on the upbeat stronger Eurozone PMI. It hit a low of 1.08047 and is currently trading around 1.08482.
The latest German and Eurozone manufacturing and services PMI came in above estimate. The policy divergence between the Fed and the ECB puts higher-level pressure on the pair.
Economic data for the day
May 29th, 2024, German Prelim CPI (All day)
May 30th 2024, Spanish Flash CPI y/y (7 am GMT)
May 31st Core CPI Flash Estimate y/y
Major resistance-1.0900,1.100
Major support- 1.0800,1.0720
Yen-
The pair showed a minor decline in fears of Japanese government intervention. The Japanese currency diplomat Masato Kanda issued fresh warnings and signals to intervene. Any break above 158 confirms further bullishness.
Major Resistance- 158,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar gained momentum despite weak Canadian retail sales. It surged -0.20% in Apr below the estimate of -0.10%. Any break above 1.3750 confirms further bullishness.
Resistance- 1.3700,1.3765
Major support- 1.3580,1.3535
