RBA raises interest rates - EBC Daily Snapshot

2023-11-07

Summary:

The dollar rose as other currencies' rally faded; the Australian dollar dipped as the RBA raised rates but suggested a nearing end to hikes.

EBC Forex Snapshot

7 Nov 2023

The dollar advanced on Tuesday as rally in other major currencies faded, while the Australian dollar dipped after the RBA raised rates but tweaked its outlook to signal that rate hikes are nearing an end.

The RBA ended its four months of wait-and-see mode and said whether a move would be necessary would depend on following data instead of further tightening might be needed.

AUDUSD

Mixed trade data from China also dented risk sentiment. The Aussie which hit a three-month peak on Monday was set for its worst daily gain in a month.

Minneapolis Fed President Neel Kashkari said the Fed could have more work ahead of it to control inflation though traders see more tightening by year-end as very unlikely.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 30 Oct)		HSBC (as of 6 Nov)
	support	resistance	support	resistance
EUR/USD	1.0448	1.0737	1.0581	1.0812
GBP/USD	1.2037	1.2337	1.2165	1.2486
USD/CHF	0.8745	0.9338	0.8879	0.9105
AUD/USD	0.6253	0.6445	0.6346	0.6597
USD/CAD	1.3569	1.3862	1.3542	1.3837
USD/JPY	147.43	151.95	148.19	151.14

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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