Eurozone malaise - EBC Daily Snapshot

2023-11-08

Summary:

The dollar stabilized on Wednesday as several Fed officials hinted at possible rate hikes. All eyes are on Fed Chair Powell's remarks later today.

EBC Forex Snapshot

8 Nov 2023

The dollar regained its footing on Wednesday after a slew of Fed officials left the door open to further rate hikes. Focus now turns to remarks from Fed Chair Powell later in the day.

Traders see a roughly 17% chance of another hike by January, but are pricing in a 21% chance of a rate cut to come as early as March, according to the CME FedWatch tool.

EURUSD

German industrial production fell more than expected in September. Continued economic weakness in the eurozone’s growth engine makes it harder for the euro to resume uptrend.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 30 Oct)		HSBC (as of 8 Nov)
	support	resistance	support	resistance
EUR/USD	1.0448	1.0737	1.0568	1.0809
GBP/USD	1.2037	1.2337	1.2130	1.2490
USD/CHF	0.8745	0.9338	0.8879	0.9105
AUD/USD	0.6253	0.6445	0.6330	0.6584
USD/CAD	1.3569	1.3862	1.3575	1.3859
USD/JPY	147.43	151.95	148.66	151.61

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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