Summary:
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.
EBC Forex Snapshot, 3 Oct 2024
The dollar saw some additional support on Thursday as the Fed is not expected to rush to cut interest rates. The euro languished not far from a three-week trough reached in the previous session.
Private payrolls increased by a larger-than-expected 143,000 jobs last month, the ADP showed, raising expectations for a strong reading for potentially crucial monthly non-farm payrolls figures on Friday.
Eurozone inflation dropped to 1.8% last month, dipping below the ECB's target for the first time in three years. Normally hawkish ECB policymaker Isabel Schnabel took a dovish tone on price pressures.
| Citi (as of 30 Sep) | HSBC (as of 30 Sep) | |||
| Support | Resistance | Support | Resistance | |
| EUR/USD | 1.1002 | 1.1214 | 1.1038 | 1.1250 |
| GBP/USD | 1.3002 | 1.3482 | 1.3103 | 1.3538 |
| USD/CHF | 0.8375 | 0.8749 | 0.8346 | 0.8506 |
| AUD/USD | 0.6757 | 0.6950 | 0.6702 | 0.7019 |
| USD/CAD | 1.3420 | 1.3792 | 1.3404 | 1.3633 |
| USD/JPY | 139.50 | 147.13 | 139.00 | 145.93 |
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 held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.
2024-10-14
The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.
2024-10-11
The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.
2024-10-10
