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US dollar Index-
The US dollar index pared some of its gains after weak US retail sales data. It hit a low of 105.12 yesterday and is currently trading around 105.28.
US retail sales rose 0.10% m/m in May below market expectations of 0.20%. Core retail sales - -0.10% m/m vs . forecast of 0.20%.
Most Fed policymakers want the Fed to hold rates until inflation cools down. Hawkish tone from policy makers like Susan Collins,Kugler, and Barkin cautious tone preventing the US dollar from further downside.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 61.70% from 46.80% a week ago.
Major resistance- 105.50/107
Major support- 103.80/103
EURUSD-
EURUSD showed a minor pullback after strong German ZEW economic sentiment. It hit a high of 1.07615 and is currently trading around 1.07354.
German ZEW economic sentiment surged to 47.50 in June from 47.1, below the forecast of 50. Eurozone CPI rose 2.6% YoY in May from 2.4% in Apr.
Major resistance-1.0800,1.0865
Major support- 1.0650,1.0600
Yen-
The yen showed a minor pullback on easing the US treasury yield. Any close above 158 confirms further bullishness.
Major Resistance- 158.25,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar gained momentum as crude oil prices surged above $80. Any break above 1.3800 confirms further bullishness.
Resistance- 1.3800, 1.3900
Major support- 1.3700,1.3600
