Summary:
The dollar dipped Tuesday as the Trump trade unwound, easing Treasury yields. Harris secured enough delegates for the Democratic nomination.
EBC Forex Snapshot, 23 Jul 2024
The dollar dipped slightly on Tuesday on some unwinding of the so-called Trump trade, which has seen the dollar and Treasury yields ease a touch. Harris has secured enough delegates to clinch the Democratic presidential nomination.
The Australian dollar struggled to regain their footing after China's move to cut several key interest rates – the first time since late August. That move signalled intent to boost growth in the economy.
But iron ore prices barely changed. China's imports have been fairly strong so far this year, with customs data showing arrivals of 611.18 million tons in the first half, 6.2% from the same period in 2023.
| 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
