Michelle

The US Dollar Index may find immediate support at the descending channel’s lower boundary at 106.10. The 14-day RSI remains below 50, reinforcing bearish bias. The primary resistance appears at the nine-day EMA at 107.00.

NZD/USD struggles as New Zealand posted a trade deficit of NZD 486 million in January. The New Zealand Dollar could face challenges as Governor Orr indicated more rate cuts in the coming months. US Initial Jobless Claims rose to 219,000 in the previous week, surpassing the expected 215,000.

USD/CAD tests immediate resistance at the nine-day EMA of 1.4236. A break above the falling wedge pattern signals the potential for further upward movement. A return to the falling wedge would lead the pair to test the psychological level of 1.4100.

USD/CAD trades cautiously below 1.4200 as investors await FOMC minutes for the January policy meeting. The Fed cuts its key borrowing rates by 100 bps in 2024. Canadian inflation accelerated in January, still it remained below BoC’s target of 2%.

EUR/GBP softens to around 0.8285 in Wednesday’s early European session. UK CPI inflation rose to 3.0% YoY in January vs. 2.8% expected. The dovish stance from the ECB might drag the Euro lower.

GBP/JPY tests immediate support at the nine-day EMA at 191.00. The 14-day RSI falls below 50, signaling increasing bearish momentum. The currency cross could test immediate resistance at the 14-day EMA at 191.17.

WTI price may decline as supply concerns ease amid optimism over a potential Russia-Ukraine peace deal. Trump administration officials are set to meet with their Russian counterparts in Saudi Arabia on Tuesday. Global Oil demand has risen to 103.4 million barrels per day, up 1.4 million bpd from the previous year.

FRANKFURT (Feb 14): Euro zone industrial production shrank by more than expected in December, indicating that the sector's two-y

EUR/JPY loses ground as the Japanese Yen advances amid the increased likelihood of further BoJ’s rate hikes. Japanese Minister Ryosei Akazawa stated that authorities will take appropriate action regarding US reciprocal tariffs. Eurozone GDP may remain consistent at 0.9% growth YoY in Q4, as expected.