Summary:
The dollar eased slightly, ending its biggest rally since July 18, as stronger-than-expected retail sales eased recession fears.
EBC Forex Snapshot, 16 Aug 2024
The dollar eased a touch, snapping the overnight rally which was biggest the since 18 July, as stronger-than-expected retail sales all but eliminated fears about a recession.
Atlanta Fed president Raphael Bostic, who had supported a rate cut, said in an interview that the Fed cannot "afford to be late" to ease monetary policy amid signs of cooling in the labour market.
The Australian dollar extended its gains from the last session. Australia's unemployment rate ticked higher last month, even as employers added about three times as many jobs as expected.
| Citi (as of 12 Aug) | HSBC (as of 16 Aug) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0796 | 1.1017 | 1.0815 | 1.1087 |
| GBP/USD | 1.2613 | 1.2894 | 1.2713 | 1.2939 |
| USD/CHF | 0.8333 | 0.8827 | 0.8479 | 0.8924 |
| AUD/USD | 0.6363 | 0.6653 | 0.6425 | 0.6721 |
| USD/CAD | 1.3590 | 1.3977 | 1.3627 | 1.3887 |
| USD/JPY | 141.70 | 147.90 | 142.22 | 155.77 |
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.
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