British inflation is high - EBC Daily Snapshot

2023-11-10

Summary:

Friday marked the dollar's best week against the yen in three months, driven by a more hawkish tone from Fed Chair Powell and officials post-meeting.

EBC Forex Snapshot

10 Nov 2023

The dollar was on track for its best week against the yen in three months on Friday, after Fed Chair Jerome Powell and other Fed officials struck more hawkish tone than they did at the latest meeting.

GDP growth

Sterling barely moved at around a one-week low after data showed the UK economy stagnated in the third quarter. Economists expected a contraction of 0.1% which could mark the start of recession.

GBPUSD

Markets are currently pricing in around 40 bps of BOE rate cuts by September, less than for the Fed or the ECB, as the kingdom’s inflation remains higher than other major economies.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 30 Oct)		HSBC (as of 9 Nov)
	support	resistance	support	resistance
EUR/USD	1.0448	1.0737	1.0563	1.0804
GBP/USD	1.2037	1.2337	1.2091	1.2451
USD/CHF	0.8745	0.9338	0.8881	0.9107
AUD/USD	0.6253	0.6445	0.6272	0.6526
USD/CAD	1.3569	1.3862	1.3646	1.3918
USD/JPY	147.43	151.95	149.26	152.21

The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains 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.

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