FxWirePro- Forex Daily Update

 US dollar Index-

The US dollar index gained despite weak US economic data. It hit a low of 105.42 and is currently trading around 105.88.

US ISM manufacturing PMI declined for a third consecutive month to 48.50 in June compared to a forecast of 49.10. New orders rose to 49.40 from 45.40. Employment declined from 50.2 to 49.30.

Markets eye US Fed chairman Powell's speech (Tuesday 1:30 PM GMT) for further direction.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 0% from 60.50% a week ago.

Major resistance- 106.20/107

Major support- 105.20/104.45

EURUSD-

EURUSD pared some of its gains on Eurozone political uncertainty.  It hit a high of 1.07764 and is currently trading around 1.07330.

German annual inflation declined to 2.2% in June compared to a forecast of 2.3%. HCOB Germany Manufacturing PMI at 43.5 vs .45.4 the previous month. 2-month low.

Major resistance-1.0800,1.0865

Major support- 1.0700,1.0660

Yen-

The pair holds above 161.50 on strong US treasury yields.  Any close above 162 confirms further bullishness.

Major Resistance- 162,163

Major support- 159.80,15

Canadian Dollar

The pair gained sharply despite strong Oil prices. Any break above 1.3800 confirms further bullishness.

Resistance- 1.3800, 1.3900

Major support- 1.3670,1.3600