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US dollar Index-
The US dollar index showed a minor strength despite weak US economic data. It hit a high of 105.66 and is currently trading around 105.57.
Philly Fed manufacturing index dropped to 1.3% in June compared to a forecast of 4.80, the lowest since Jan 2024. Building permits fell to their lowest level at a seasonally adjusted annual rate of 1.386 million. The number of people who have filed for unemployment benefits declined by 5000 to 238000 in the week ending June 15th, 2024.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 57.90% from 61.10% a week ago.
US economic data for the day
Flash manufacturing and services PMI (1:45 pm GMT)
Major resistance- 106/107
Major support- 103.80/103
EURUSD-
EURUSD declined slightly ahead of the Eurozone PMI data. It hit a low of 1.07014 and is currently trading around 1.07149.
ECB policymaker Klass Knot supports market expectations for one or more rate cuts this year as inflation cools down.
Major resistance-1.0760,1.0835
Major support- 1.0650,1.0600
Yen-
The pair trades higher despite intervention fears. Any close above 160.20 confirms further bullishness.
Major Resistance- 158.25,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar gained momentum ahead of Canadian retail sales. Any break above 1.3600 confirms further bullishness.
Resistance- 1.3730, 1.3800
Major support- 1.3660,1.3600
