The Australian Dollar Rises on Inflation

2024-06-26
Summary:

On Wednesday, the dollar edged up as Fed officials signaled no rush for rate cuts. The Aussie dollar rose on inflation hitting a six-month high.

EBC Forex Snapshot, 26 Jun 2024


The dollar inched higher on Wednesday as Fed officials continue to signal they are in no rush to kick off a rate cut cycle. A jump in inflation to a six-month high sent the Aussie dollar higher.


Consumer prices rose 4% last month from a year earlier in Australia, compared with the 3.8% rate expected for May by economists. That was propelled in part by automotive fuel price.

AUDUSD

The RBA has said it won’t hesitate to raise its key interest rate if it loses confidence that inflation can fall back within its 2%-3% target by the end of next year.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 17 Jun) HSBC (as of 26 Jun)

support resistance support resistance
EUR/USD 1.0688 1.0981 1.0619 1.0854
GBP/USD 1.2612 1.2860 1.2582 1.2822
USD/CHF 0.8885 0.9158 0.8849 0.9018
AUD/USD 0.6564 0.6729 0.6578 0.6708
USD/CAD 1.3577 1.3846 1.3590 1.3755
USD/JPY 151.86 158.26 156.55 161.37

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 euro jumped on Monday

The euro jumped on Monday

The euro jumped Monday after the French far right's election win fell short, leaving the final result dependent on party deals.

2024-07-01
Dollar Heads for Second Quarterly Gain

Dollar Heads for Second Quarterly Gain

On Friday, the dollar aimed for a second quarterly gain, while Sterling's movement hinged on the upcoming UK general election.

2024-06-28
The Euro Drop 1.4% This Month

The Euro Drop 1.4% This Month

The dollar trimmed gains from the previous session as Treasury yields slightly eased. US new home sales fell last month due to high mortgage rates.

2024-06-27

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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website： www.ebcfin.co.uk
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC and are managed separately. EBC Financial Group (Australia) Pty Ltd provides general financial advise services in Australia.
EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
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