Summary:
Safe-haven currencies surged Wednesday as Wall Street and Asian stocks fell sharply, leading to losses in commodity currencies.
EBC Forex Snapshot, 4 Sep 2024
Safe-haven currencies rallied on Wednesday while commodity currencies slid as traders ducked for cover following the worst sell-off in almost a month on Wall Street and big losses for Asian stocks.
Australia's economy stayed stuck in the slow lane in Q2 as stiff borrowing costs and stubborn inflation squeezed consumers, leaving government spending as the main driver of growth.
US manufacturing contracted at a moderate pace last month, but a further decline in new orders and rise in inventory suggested factory activity could remain subdued for a while.
| Citi (as of 26 Aug) | HSBC (as of 4 Sep) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0819 | 1.1276 | 1.0927 | 1.1180 |
| GBP/USD | 1.2860 | 1.3230 | 1.2849 | 1.3319 |
| USD/CHF | 0.8333 | 0.8827 | 0.8351 | 0.8701 |
| AUD/USD | 0.6615 | 0.6799 | 0.6578 | 0.6832 |
| USD/CAD | 1.3478 | 1.3792 | 1.3413 | 1.3713 |
| USD/JPY | 141.70 | 149.35 | 142.80 | 148.76 |
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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