Pound rises from fall to rise

2024-04-17

Summary:

Fed Chair Powell's comments on Wednesday drove a modest dollar gain, citing limited progress on inflation goals. Traders predict a 40-bps cut by 2024.

EBC Forex Snapshot, 17 Apr 2024

The dollar was slightly higher on Wednesday as Fed Chair Jerome Powell said there was a lack of further progress on returning to its inflation goal. Traders now anticipate 40 bps of cuts in 2024.

Sterling reversed its earlier losses after data showing inflation in the UK cooled less than expected in March. The core figure stayed firmly above 4%, which puts a June rate cut in doubts.

GBPUSD

Last week, BOE Governor Andrew Bailey said he saw “strong evidence” that higher interest rates were working to tame inflation. But it appears the UK may be going in the US direction.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 15 Apr)		HSBC (as of 16 Apr)
	support	resistance	support	resistance
EUR/USD	1.0517	1.0865	1.0529	1.0800
GBP/USD	1.2337	1.2709	1.2342	1.2628
USD/CHF	0.8999	0.9148	0.9023	0.9178
AUD/USD	0.6443	0.6668	0.6360	0.6583
USD/CAD	1.3478	1.3855	1.3576	1.3896
USD/JPY	150.88	153.39	151.90	155.54

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.

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Next： The dollar rose to a five-month high on Tuesday

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