The Canadian recovered from a 21-month low

2024-08-06
Summary:

The US dollar was nursing steep losses on Tuesday as the ISM service PMI rebounded from a four-year low in July amid an increase in new orders.

EBC Forex Snapshot, 6 Aug 2024


The US dollar was nursing steep losses on Tuesday as the ISM service PMI rebounded from a four-year low in July amid an increase in new orders.


Fed officials pushed back on Monday against the notion that weaker-than-expected jobs data means the economy is in recession, but also warned that cut rates are needed to avoid such an outcome.

USDCAD

The Canadian recovered from a 21-month low as risk-on mood returned. The economy kept growing despite a slowing pace through Q2, according to preliminary data.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 29 Jul) HSBC (as of 6 Aug)    

support resistance support resistance
EUR/USD 1.0796 1.0981 1.0815 1.1048
GBP/USD 1.2860 1.3045 1.2637 1.2977
USD/CHF 0.8743 0.9050 0.8320 0.8835
AUD/USD 0.6465 0.6799 0.6309 0.6717
USD/CAD 1.3590 1.3899 1.3669 1.3961
USD/JPY 151.53 155.00 137.68 154.63

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.

AUD rebounds on jobs report

AUD rebounds on jobs report

The US dollar fell on Thursday after the Fed's larger-than-expected rate cut, which Powell said was to maintain low unemployment.

2024-09-19
The dollar wavered on Wednesday

The dollar wavered on Wednesday

The dollar wavered 18 Sep 2024 after US retail sales unexpectedly rose in August, and the Atlanta Fed raised its GDPNow estimate to 3% from 2.5%.

2024-09-18
The dollar rose to a 4-week high against the euro

The dollar rose to a 4-week high against the euro

On Thursday, the dollar hit a four-week high against the euro as persistent inflation suggested the Fed might avoid a large rate cut next week.

2024-09-12
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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
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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.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
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