US dollar Index-
The US dollar index trades weak despite dismal US employment data. ahead of US jobs data. It hit a low of 104.04 yesterday and is currently trading around 104.10..
US private sector added 152000 jobs in May, below the downward revised 188000 in Apr and below the forecast of 175000.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.4% from 98.90% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Major US economic data-
US Initial Jobless claims (12:15 pm GMT)
EURUSD-
EURUSD is trading flat ahead of the the European Central Bank monetary policy. It hit a high of 1.09160 and is currently trading around 1.08880.
Any dovish rate cut by the ECB will drag the Euro below 1.08000 levels.
Major Economic data for the day
Jun 6th 2024,ECB Main refinancing rate (12:15 pm GMT)
Major resistance-1.0935,1.1000
Major support- 1.0848,1.0780
Yen-
The yen gained sharply on speculation of rate cut by Fed in Sep. Any break below 154.50 confirms further bearishness.
Major Resistance- 158,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar lost its shines after BOC monetryu policy. The Bank Of Canada cuts rates by 25bpbs to 4.75% for the first time in four years. BoC governor hints further rate cut if inflation eases below 2% target. Any break above 1.3750 confirms further bullishness.
Resistance- 1.3660,1.3735
Major support- 1.3600,1.3535
