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US dollar Index-
The US dollar index trades flat ahead of US Non-Farm Payroll.It hit a low of 104.04 yesterday and is currently trading around 104.10..
The US economy is expected to add 185000 jobs in May from the 175000 the previous month. The unemployment rate holding steady at 3.9% and average hourly earnings to rose 0.30% m/m.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 97.50% from 98.90% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Major US economic data-
US Non-Farm Payroll (12:30 pm GMT)
EURUSD-
EURUSD is trading steady after ECB monetary policy. It hit a high of 1.09020 and is currently trading around 1.08957.
ECB cuts rates by 25 bpbs to 3.75% for the first time since 2019. The central bank raised the inflation projection for 2024 to 2.5% from 2.3%.
Economic data for the day
Jun 7th 2024,German Industrial production (6 am GMT)
German Trade balance
Major resistance-1.0935,1.1000
Major support- 1.0848,1.0780
Yen-
The yen consolidating in a narrow range ahead of US Non -Farm Payroll. Any break below 154.50 confirms further bearishness.
Major Resistance- 158,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar trades flat with no direction ahead of Canadian jobs data. Any dismal data will psuh Canadian dollar as chance of another 25 bpbs rate cut will be decreased. Anybreak below 1.3600 confirms further bearishness.
Resistance- 1.3660,1.3735
Major support- 1.3600,1.3535
