FxWirePro- Forex Daily Update

 US dollar Index-

The US dollar index pared most of its gains on rate cut hopes. It hit a low of 103.65 and is currently trading at around 103.80.

US housing starts rose 3%  in June to 1.35 million units, while building permits surged 3.4%  to 1.45 million.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 91.70% from 69.7% a week ago.

Major resistance- 105/106.20

Major support- 103.60/103

US economic data for the day

July 18th, 2024, US Philly fed manufacturing index and US initial jobless claims  (12:30 pm GMT)

EURUSD-

EURUSD hit an 18-month high on upbeat market sentiment. It hit a high of 1.09480 and is currently trading around 1.09332.

Any hawkish rate pause by the ECB will push the Euro further higher.

Major resistance-1.0950,1.100

Major support- 1.0860,1.0750

Yen-

The yen hits a multi-week high on board-based US dollar weakness. Any close below 156 confirms further bearishness.

Major Resistance- 160,162

Major support- 155.70,154

Canadian Dollar

The Canadian dollar trades flat ahead of Canadian retail sales. Any break above 1.3720 confirms further bullishness.

Resistance- 1.3725, 1.3765

Major support- 1.3660,1.3600