Eurozone Inflation Rises on Tuesday

2024-05-28

Summary:

Tuesday saw the dollar weaken slightly amid a rising risk appetite, holding steady in Asia with minimal currency movement.

EBC Forex Snapshot, 28 May 2024

The dollar waned on Tuesday following a slight increase in risk appetite, but it held tight ranges as the data-heavy week only began to unfold. Currency moves were largely subdued in early Asia hours.

The euro firmed despite some dovish comments from EBC policymakers and data showing German business morale barely improved in May. Chief economist Philip Lane suggested a rate cut may occur in June.

EURUSD

Eurozone inflation has now fallen close to the target of 2% and investors believe that leaves room for the central bank to cut its benchmark deposit rate earlier than its US peer.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 20 May)		HSBC (as of 27 May)
	support	resistance	support	resistance
EUR/USD	1.0793	1.0895	1.0747	1.0919
GBP/USD	1.2300	1.2712	1.2535	1.2853
USD/CHF	0.8988	0.9244	0.9036	0.9209
AUD/USD	0.6443	0.6729	0.6551	0.6709
USD/CAD	1.3478	1.3846	1.3578	1.3753
USD/JPY	152.12	157.68	154.64	158.26

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.

Previous： The Australian Dollar was Unaffected on Wednesday

Next： The dollar made a steady start to the week on Monday

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