Summary:
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.
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.
The dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.
2024-10-14
The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.
2024-10-11
The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.
2024-10-10
