China Yet Supports Commodity Currencies on Monday

2024-09-30
Summary:

On September 30, 2024, China's stimulus supported commodity currencies, pressuring the dollar as core inflation eased to a near three-year low.

EBC Forex Snapshot,30 Sep 2024


The dollar slipped on continued strength of commodity currencies on Monday. St Louis Fed president Alberto Musalem acknowledged that the labour market had cooled in recent months.


The Australian dollar traded near the 2024 highs they struck on Friday as rate cuts and expectations of fiscal support in China raised hopes of an improvement in the slowing economy.

AUDUSD

Last week data showed US inflation running at a pretty benign 2.2% for the 12 months to August, the lowest since February 2021. sending Treasury yields lower.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 23 Sep) HSBC (as of 27 Sep)

support resistance support resistance
EUR/USD 1.0857 1.1202 1.1047 1.1259
GBP/USD 1.2812 1.3353 1.3131 1.3566
USD/CHF 0.8375 0.8749 0.8384 0.8544
AUD/USD 0.6622 0.6871 0.6706 0.6995
USD/CAD 1.3441 1.3792 1.3372 1.3601
USD/JPY 139.50  147.13 141.14 146.89

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.

Eurozone Inflation Dropped to 1.8% Last Month

Eurozone Inflation Dropped to 1.8% Last Month

The dollar gained support Thursday as the Fed is not expected to cut interest rates soon, while the euro stayed near a three-week low.

2024-10-03
The Yen Stabilized Mid-Range Last Month

The Yen Stabilized Mid-Range Last Month

The US dollar rallied Tuesday as Fed Chair Powell rejected expectations for large rate cuts, while the yen steadied mid-range.

2024-10-01
Dollar Set to Record 3rd Straight Month of Decline

Dollar Set to Record 3rd Straight Month of Decline

The dollar wobbled on Friday, heading for a third month of declines as investors assessed Fed policy, while China's stimulus boosted risk currencies.

2024-09-27
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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.
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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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