US dollar Index-
The US dollar index trades flat ahead of US CPI and Fed monetary policy.It hit a low of 105.10 yesterday and is currently trading around 105.12.
US dollar gained momentum on Friday as increase in wage inflation will prevent Fed from rate cut. Markets eye US CPI and US Fed dot plot on Wednesday for further movement.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 99.4% from 98.50% a week ago.
Major resistance- 105/106.50
Major support- 104/103
EURUSD-
EURUSD is under pressure due to political uncertanityt in Frane. It hit a high of 1.07326 and is currently trading around 1.07673.
French President called for sanp election following the far-right National party’s gains. The French 10- year yield surged more than 9% due to uncertanity.
Major resistance-1.0800,1.0900
Major support- 1.0720,1.0650
Yen-
The yen lost its shine on strong US treasury yield. Any break above 158 confirms further bullishness.
Major Resistance- 158,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar trades weak on strong dollar and easing crude oil prices. Any break above 1.3800 confirms further bullishness.
Resistance- 1.3800, 1.3900
Major support- 1.3700,1.3600
