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US dollar Index-
The US dollar index gained moderately after a massive sell-off.It hit a high of 104.36 and is currently trading at around 104.337.
“The implication of that is that if you wait until inflation gets all the way down to 2%, you’ve probably waited too long, because the tightening that you’re doing, or the level of tightness that you have, is still having effects which will probably drive inflation below 2%,”
US Empire State manufacturing index declines to -6.60 in July vs. the Forecast of -5.50.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 87.6% from 70.2% a week ago.
Major resistance- 105/106.20
Major support- 104/103
US economic data for the day
July 16th, 2024, Core retail sales m/m (12:30 pm GMT)
EURUSD-
EURUSD showed a minor sell-off ahead of US retail sales. It hit a low of 1.08884 and is currently trading around 1.0888.
Market eyes Federal Reserve’s Adriana Kugler speech today for further direction.
Major resistance-1.0920,1.100
Major support- 1.0860,1.0750
Yen-
The yen lost its shine despite the easing of the US treasury yield. Any close above 159.50 confirms further bullishness.
Major Resistance- 160,162
Major support- 157,155.70
Canadian Dollar
The Canadian dollar trades weak ahead of Canadian CPI data. Any break above 1.3700 confirms further bullishness.
Resistance- 1.3660, 1.3725
Major support- 1.3590,1.3535
