Dollar drops significantly - EBC Daily Snapshot

2023-11-17

Summary:

The dollar is set for a major weekly decline against the euro, yen, and franc. Investors expect nearly 100 bps rate cuts next year.

EBC Forex Snapshot

17 Nov 2023

The dollar was headed for its largest weekly drop for months against the euro, yen and franc on Friday, as investors anticipate rate cuts of almost 100 bps next year.

Other major currencies were also on track to gain this week. Treasury yields hovered around two-month lows, pressured by poor builder confidence and rising jobless claims.

USDJPY

BOJ governor Kazuo Ueda said that there are both positives and negatives to the weak yen’s impact, suggesting that there is still room for stimulus to stay at this point.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 6 Nov)		HSBC (as of 17 Nov)
	support	resistance	support	resistance
EUR/USD	1.0448	1.0737	1.0655	1.0896
GBP/USD	1.2037	1.2448	1.2181	1.2541
USD/CHF	0.8745	0.9338	0.8806	0.9032
AUD/USD	0.6400	0.6599	0.6341	0.6595
USD/CAD	1.3569	1.3899	1.3570	1.3842
USD/JPY	147.43	151.95	149.51	152.46

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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