FxWirePro- Forex Daily Update

US dollar Index-

The US dollar index pared some of its gains on weak US GDP data. It hit a low of  104.63 and is currently trading around 104.82..

The US real gross domestic product in the first quarter came at 1.3% below forecast of 1.6%. the number of people who have filed for unemployment benefits rose by 3000 to 219000 for the week ended May 25th vs. Estimate of 218000.

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.9% from 98.90% a week ago.

Major resistance- 105/106.50

Major support- 104/103

Economic data for the day

May 30 th 2024,  US core PCE index m/m (12:30 pm GMT)

EURUSD-

EURUSD trades weak after weak German retail sales. It hit a low of 1.08113 yesterday and is currently trading around 1.08204. 

The surge in German annual inflation has decreased the chance of rate cut in June.

Major Economic data for the day-

Euro Core CPI y/y (9 am GMT)

Major resistance-1.0860,1.0900

Major support- 1.0780,1.0700

Yen-

The yen gained momentum after the hot Tokyo  CPI data. It rose 2.2% YoY in May from previous 1.8%. Any break above 158 confirms further bullishness. 

Major Resistance- 158,160

Major support- 156,154.50

Canadian Dollar

The Canadian dollar trades ahead of Canada GDP data. Any break above 1.3750 confirms further bullishness.

Resistance- 1.3750,1.3800

Major support- 1.3660,1.3600