AUD rebounds on jobs report

2024-09-19
Summary:

The US dollar fell on Thursday after the Fed's larger-than-expected rate cut, which Powell said was to maintain low unemployment.

EBC Forex Snapshot, 19 Sep 2024


The US dollar edged lower on Thursday after a larger than usual interest rate cut from the Fed that had been priced in by markets. Powell said that was meant to sustain a low unemployment rate.


Policymakers projected the benchmark interest rate would fall by another 50 bps by the end of this year. Some analysts expect the greenback will fall next year as the Fed keeps cutting rates.

AUDUSD

The Aussie dollar rose. Australian employment blew past forecasts for a third straight month in August while the jobless rate held steady, reinforcing the view that the labour market remains tight.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 9 Sep) HSBC (as of 17 Sep)

support resistance support resistance
EUR/USD 1.0857 1.1202 1.1027 1.1211
GBP/USD 1.2860 1.3266 1.3056 1.3319
USD/CHF 0.8375 0.8763 0.8364 0.8539
AUD/USD 0.6618 0.6871 0.6640 0.6843
USD/CAD 1.3441 1.3792 1.3475 1.3659
USD/JPY 141.70 149.39 137.71 145.35

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

The dollar wavered on Wednesday

The dollar wavered on Wednesday

The dollar wavered 18 Sep 2024 after US retail sales unexpectedly rose in August, and the Atlanta Fed raised its GDPNow estimate to 3% from 2.5%.

2024-09-18
The dollar rose to a 4-week high against the euro

The dollar rose to a 4-week high against the euro

On Thursday, the dollar hit a four-week high against the euro as persistent inflation suggested the Fed might avoid a large rate cut next week.

2024-09-12
The yen hit a year-high against the dollar

The yen hit a year-high against the dollar

On Wednesday, the yen surged to its highest level this year against the dollar after Harris and Trump debated ahead of the November election.

2024-09-11
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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
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EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
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