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.

The dollar weakened in early Asian trading on Friday

The dollar weakened in early Asian trading on Friday

In early Asian trading, the dollar weakened on data indicating a cooling labor market. The pound rebounded from its lowest point since April 24.

2024-05-10
The dollar held mostly steady on Thursday

The dollar held mostly steady on Thursday

The dollar stayed stable ahead of next week's inflation data. The Swiss franc was strong at 0.9085, reflecting a labor market recovery.

2024-05-09
The yen was trading around 155 on Wednesday

The yen was trading around 155 on Wednesday

The dollar rose slightly on Wednesday after earlier Fed rate cut bets. The yen traded near 155 per dollar as traders anticipated market swings.

2024-05-08

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EBC Financial Group is owned and operated by EBC Group.
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
EBC Group Limited (BVI), with registered address at Trident Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands is owned and operated by EBC Group.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website： www.ebcfin.co.uk
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EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). website: www.ebcgroup.ky
Business Address: Level 17, Dashwood House, 69 Old Broad Street, London, England, EC2M 1QS,United Kingdom.Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
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Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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