Major currencies rose against the dollar on Thursday

2024-06-13

Summary:

Major currencies held gains as a weaker dollar followed softer-than-expected US inflation. Markets still expect two 25 bps cuts this year.

EBC Forex Snapshot, 13 Jun 2024

Major currencies held their gains on Thursday against a dollar knocked by softer-than-expected US inflation. Despite the dot plot update, markets stuck with pricing in almost two 25 bps cuts this year.

Four Fed policymakers feel the Fed should not cut rates at all this year, the fresh projections show. The Australian dollar remained week following a positive jobs report.

AUDUSD

Australian employment outpaced expectations last month as firms took on more full-time workers, while the jobless rate dipped in a sign the labour market remains resilient even as the economy stalls.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 11 Jun)		HSBC (as of 13 Jun)
	support	resistance	support	resistance
EUR/USD	1.0700	1.0981	1.0712	1.0909
GBP/USD	1.2300	1.2827	1.2695	1.2879
USD/CHF	0.8885	0.9158	0.8827	0.9107
AUD/USD	0.6562	0.6729	0.6590	0.6720
USD/CAD	1.3577	1.3846	1.3618	1.3809
USD/JPY	151.86	157.71	154.91	158.14

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 Yen Fell to An Over One-Month Low on Friday

Next： The Dollar Remained Steady on Wednesday.

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