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FxWirePro: Forex Daily Update
The US dollar index consolidated in a narrow range between 106.51 and 105.74 for the past week. It hit a low of 105.84 yesterday and is currently trading around 106.05.
The number of people who have filed for unemployment benefits increased by 212000 in the week ending Apr 13th, compared to an estimate of 215000. US Philly Fed manufacturing index surged to 15.50 up from 3.210 last month.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 85.10% from 71.70% a week ago.
Major resistance- 106.50/107
Major support- 105.35/104.45
Economic data for the day
Apr 23rd, 2024, US flash manufacturing PMI (1:45 pm GMT)
US flash services PMI
New home sales, Richmond Manufacturing index (2 pm GMT)
Apr 24th, 2024, Core Durable Goods Orders m/m
Apr 25th, 2024, US advance GDP q/q and US unemployment claims (12:30 pm GMT)
US pending home sales (2 pm GMT)
Apr 26th, 2024, US Core PCE index m/m (12:30 pm GMT)
EURUSD-
EURUSD pared most of its gains after dovish ECB comments. ECB president Lagarde said that inflation is easing and the central bank will cut rates soon.
Eurozone economic calendar this week
Apr 23rd, 2024, German flash manufacturing PMI (7:30 am GMT)
Apr 24th, 2024, German IFO business climate (12:30 pm GMT)
Major resistance-1.0700,1.0760
Major support- 1.0600,1.0500
Yen-
The pair trades flat amid BOJ’s uncertain policy..Any break above 155 confirms minor bullishness.
Major Resistance- 155,156
Major support- 153.70,152.68
Canadian Dollar
The Canadian dollar gained momentum despite weak crude oil prices. Any break below 1.3700 confirms further bearishness
Resistance- 1.3765,1.3850
Major support- 1.3700,1.3660
