Euro hits August high - EBC Daily Snapshot

2023-11-21

Summary:

On Monday, the dollar index hit a 2-month low, extending its decline as investors considered peak interest rates and a >50% chance of a May cut.

EBC Forex Snapshot

21 Nov 2023

The dollar index fell to its lowest in more than two months on Monday, continuing its downtrend as investors weighed peak interest rates and priced in a greater than 50% chance of a cut by May.

Richmond Fed President Thomas Barkin said inflation is likely to remain "stubborn" and force the central bank to keep interest rates higher for longer than investors currently anticipate.

EURUSD

The euro hit its high since mid-Aug against the dollar on expectations that the ECB may end tightening cycle later than the Fed. Moody’s unexpected upgrade of Italy’s debt outlook also helped.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 13 Nov)		HSBC (as of 21 Nov)
	support	resistance	support	resistance
EUR/USD	1.0517	1.0769	1.0650	1.1092
GBP/USD	1.2037	1.2428	1.2223	1.2654
USD/CHF	0.8745	0.9338	0.8744	0.9032
AUD/USD	0.6270	0.6522	0.6389	0.6650
USD/CAD	1.3640	1.3899	1.3601	1.3873
USD/JPY	147.43	151.95	146.83	150.90

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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