Summary:
On Wednesday, the US dollar stayed near its lowest level in over a year, with forex market activity muted as traders awaited updates on the economy.
EBC Forex Snapshot, 28 Aug 2024
The US dollar held near its lowest level in more than a year on Wednesday. Overall moves in the forex market were muted as traders awaited fresh hints on the state of the world's largest economy.
The Canadian dollar steadied around a five-month high, helped by recent broad-based selling of the greenback and ahead of domestic GDP data this week that could guide bets on BOC rate cuts.
But bearish views about the outlook for petroleum prices could put a lid on its further gains. Fund managers reverting to selling oil futures and options last week after the short-covering rally ran out of momentum.
| Citi (as of 19 Aug) | HSBC (as of 28 Aug) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0796 | 1.1068 | 1.0976 | 1.1296 |
| GBP/USD | 1.2673 | 1.2946 | 1.2856 | 1.3460 |
| USD/CHF | 0.8333 | 0.8827 | 0.8299 | 0.8640 |
| AUD/USD | 0.6363 | 0.6799 | 0.6599 | 0.6892 |
| USD/CAD | 1.3597 | 1.3946 | 1.3330 | 1.3657 |
| USD/JPY | 145.89 | 150.00 | 141.79 | 147.75 |
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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