Sterling at a 2-month peak - EBC Daily Snapshot

2023-11-27

Summary:

Sterling hit a two-month high against a weakened dollar on Monday. Traders are wary of upcoming economic data releases later in the week.

EBC Forex Snapshot

27 Nov 2023

Sterling rose to an over two-month high against on a weaker dollar on Monday but traders were on alert for a slew of economic data to be released later in the week.

Data showed last week that British companies unexpectedly reported a marginal return to growth in November after three months of contraction.

The OBR forecasts showed the consumer price index was expected to rise by 2.8% next year, up from the March forecast of 0.9%.

GBPUSD

The BOE kept interest rates on hold at its last two meetings, and its first rate cut in June has been priced in. Governor Andrew Bailey suggested interest rates could remain higher for longer than expected.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 20 Nov)		HSBC (as of 22 Nov)
	support	resistance	support	resistance
EUR/USD	1.0517	1.0945	1.0661	1.1061
GBP/USD	1.2037	1.2525	1.2262	1.2686
USD/CHF	0.8745	0.9338	0.8740	0.9004
AUD/USD	0.6340	0.6520	0.6398	0.6650
USD/CAD	1.3640	1.3899	1.3599	1.3830
USD/JPY	149.21	151.91	146.38	151.16

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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