Summary:
Thursday saw a quiet currency market as traders awaited more US data for clues on Fed policy, leading to the consolidation of the US dollar.
EBC Forex Snapshot, 14 Mar 2024
The currency market was muted on Thursday, with the US dollar consolidating as traders awaited more data out of the world's largest economy for clues on the direction of Fed’s policy.
Sterling sputtered below its multi-month high. January’s GDP data raises expectations of the UK economy expanding in the first quarter but financial markets mostly shrugged it off.
After a dismal end to last year as soaring living costs forced households to cut back their spending, official figures show growth returned in January with a modest 0.2% increase, in line with forecasts.
| Citi (as of 11 Mar) | HSBC (as of 14 Mar) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0695 | 1.1017 | 1.0833 | 1.1018 |
| GBP/USD | 1.2503 | 1.2896 | 1.2631 | 1.2927 |
| USD/CHF | 0.8551 | 0.9000 | 0.8713 | 0.8877 |
| AUD/USD | 0.6443 | 0.6691 | 0.6508 | 0.6699 |
| USD/CAD | 1.3359 | 1.3607 | 1.3389 | 1.3577 |
| USD/JPY | 146.68 | 150.89 | 145.86 | 150.23 |
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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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
