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%.
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.
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.
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On Friday, the US dollar fell to a one-week low as mixed job market signals emerged before key payroll data likely to influence Fed policy.
2024-09-06The dollar fell Thursday on US economic worries, with the yen rising on safe-haven demand. Traders see a 44% chance of a 50-bp cut this month.
2024-09-05Safe-haven currencies surged Wednesday as Wall Street and Asian stocks fell sharply, leading to losses in commodity currencies.
2024-09-04