Summary:
The dollar fell against most currencies and was set for its worst week in nearly two months, partly due to a sharp rise in the yen this week.
EBC Forex Snapshot, 3 May 2024
The dollar lost ground against most of its peers and was headed for its worst week in nearly two months on Friday, in part due to a sharp rise in the yen this week.
The Swiss franc extended gains for the third day away from seven-month lows. The currency has been among the weakest performing G10 currencies this year, falling over 8%.
Data showing Swiss inflation rose more than expected in April hurts the odds of another rate cut by the SNB. The procure.ch PMI fell to its lowest since Oct 2023 while the service sector recovered significantly.
| Citi (as of 29 Apr) | HSBC (as of 2 May) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0601 | 1.0885 | 1.0621 | 1.0774 |
| GBP/USD | 1.2289 | 1.2524 | 1.2358 | 1.2631 |
| USD/CHF | 0.8999 | 0.9157 | 0.9035 | 0.9249 |
| AUD/USD | 0.6362 | 0.6668 | 0.6393 | 0.6619 |
| USD/CAD | 1.3478 | 1.3846 | 1.3629 | 1.3846 |
| USD/JPY | 155.00 | 160.20 | 151.36 | 158.81 |
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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