Better-than-expected Chinese growth data on Wednesday pushed the Australian dollar a little higher, driving putting a dampener on the US dollar.
EBC Forex Snapshot
18 Oct 2023
Better-than-expected Chinese growth data on Wednesday pushed the Australian dollar a little higher, driving putting a dampener on the US dollar.
China’s GDP grew 1.3% in the third quarter, accelerating from 0.5% in the previous quarter and topping market forecasts for an increase of 1%.
Sterling made slim gains after data showed UK inflation held steady in September. UK consumer price inflation remained at an 18-month low though above expectations for a retreat.
The BOE is expected to leave interest rates at 5.25% in early November. It kept them on hold in September, following an unexpected drop in the August Inflation rate.
Citi (as of 9 Oct) | HSBC (as of 18 Oct) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0443 | 1.0834 | 1.0468 | 1.066 |
GBP/USD | 1.2011 | 1.2308 | 1.2030 | 1.2332 |
USD/CHF | 0.8745 | 0.9338 | 0.8909 | 0.9168 |
AUD/USD | 0.6272 | 0.6522 | 0.6264 | 0.6482 |
USD/CAD | 1.3417 | 1.3805 | 1.3448 | 1.3818 |
USD/JPY | 146.00 | 150.16 | 148.06 | 150.85 |
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