The US dollar rose on Wednesday as traders awaited inflation data. June home sales fell more than expected, and median prices hit a record high.
EBC Forex Snapshot, 24 Jul 2024
US Dollar Up; Commodity Currencies Down
The US dollar overall was higher on Wednesday as traders waited for inflation data later in the week. Existing home sales fell more than expected in June as the median house price set another record high.
Commodity currencies slid to multi-week lows on the back of weakening raw material prices. The Australian dollar is down nearly 7% in two weeks and its Canadian peer hit a three-month trough.
Australia saw its private sector activity expand at a slower pace in July, with the composite purchasing managers’ index dropping to a six-month low of at 50.2 with no major slowdown in inflation.
Citi (as of 15 Jul) | HSBC (as of 23 Jul) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0796 | 1.0916 | 1.0766 | 1.0979 |
GBP/USD | 1.2860 | 1.2996 | 1.2721 | 1.3094 |
USD/CHF | 0.8832 | 0.9158 | 0.8792 | 0.9024 |
AUD/USD | 0.6647 | 0.6871 | 0.6582 | 0.6750 |
USD/CAD | 1.3577 | 1.3846 | 1.3633 | 1.3821 |
USD/JPY | 157.51 | 160.21 | 154.24 | 160.87 |
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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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