US dollar Index-
The US dollar index hits a multi-month high on board-based US dollar buying. It hit a high of 106.12 and is currently trading around 106.10.
The US Bureau of Economic Analysis revised its annualized GDP from 1.3% to 1.4% in the previous estimate. US durable goods orders rose 0.10% in May, well above the forecast of -0.1%.
The number of people who have filed declined by 60000 to 233000 in the week ending June 22nd, above the forecast of 233000.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 57.90% from 57.50% a week ago.
US economic data for the day
US PCE (12:30 pm GMT)
Major resistance- 106.20/107
Major support- 103.80/103
EURUSD-
EURUSD lost its shine on the strong US dollar. It hit a low of 1.0660 and is currently trading around 1.06866.
ECB Governing Council member Peter Kazimir said “we could expect one more interest-rate cut this year.”Eurozone economic sentiment declined slightly to 95.9 from 96.10.
Major resistance-1.0720,1.0765
Major support- 1.0650,1.0600
Yen-
The pair showed a minor sell-off on verbal intervention. Any close above 161.27 confirms further bullishness.
Major Resistance- 162,163
Major support- 159.80,15
Canadian Dollar
The pair trades higher ahead of US PCE data. Any break above 1.3730 confirms further bullishness.
Resistance- 1.3730, 1.3800
Major support- 1.3600,1.3535
