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FxWirePro- Forex Daily Update

 US dollar Index-

 

The US dollar index showed a minor sell-off due to profit booking. It hit a low of 105.37 and is currently trading around 105.424.

 

Markets eye US economic data and Fed official's speech for further direction

 

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 61.10% from 56.70% a week ago.

 

US economic data for the day

 

S&P/CS composite -20 HPI y/y (1 pm GMT)

 

US CB Consumer Confidence (2 pm GMT)

 

Major resistance- 106/107

 

Major support- 103.80/103

 

EURUSD-

EURUSD has been trading in a narrow range between 1.0660 and 1.07650 for the past two days. It hit a low of 1.06705  and is currently trading around 1.07372.

 

Dallas Fed manufacturing Business index improved to -15.10 in June from -19.40.

 

Major resistance-1.0760,1.0835

 

Major support- 1.0650,1.0600

 

Yen-

 

The yen gained slightly after verbal intervention by Japan’s Hayashi. Any close above 160.20 confirms further bullishness.

 

Major Resistance- 160.20,162

 

Major support- 158,156

 

Canadian Dollar

 

The Canadian dollar gained momentum ahead of the Canadian CPI. Any break below  1.3600 confirms further bullishness.

 

Resistance- 1.3730, 1.3800

 

Major support- 1.3660,1.3600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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