Pounds Rise as Unemployment Drops

2024-08-13

Summary:

The dollar was flat on Tuesday. Traders expect 100 bps of Fed cuts by year-end, per CME Group's FedWatch, after the Sahm rule is triggered.

EBC Forex Snapshot, 13 Aug 2024

The dollar was flat on Tuesday amid market lull. Traders are pricing 100 bps of Fed cuts by year-end, according to the CME Group's FedWatch, after the Sahm rule was triggered this month.

Fed Governor Michelle Bowman on Saturday softened her usually hawkish tone slightly, noting some further "welcome" progress on inflation in the last couple of months.

GBPUSD

The pound rose after data showed Britain's unemployment rate unexpectedly fell in June although average weekly earnings excluding bonuses slowed in the three months through June.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 5 Aug)		HSBC (as of 13 Aug)
	support	resistance	support	resistance
EUR/USD	1.0796	1.0948	1.0801	1.1034
GBP/USD	1.2613	1.2894	1.2638	1.2913
USD/CHF	0.8551	0.8827	0.8414	0.8905
AUD/USD	0.6466	0.6653	0.6415	0.6686
USD/CAD	1.3590	1.3899	1.3656	1.3886
USD/JPY	145.37	150.00	140.57	154.89

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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