Summary:
The dollar rose to a two-week high against the euro as traders reduced Fed easing bets, focusing on this week's key US jobs report.
EBC Forex Snapshot, 2 Sep 2024
The dollar climbed to a two-week top against the euro on Monday as traders pared bets for aggressive policy easing by the Fed with the focus now moving to a crucial US jobs report at the end of this week.
Traders currently lay 33% odds of a 50-bp Fed rate cut this month, versus 67% probability of a 25-bp cut. A week earlier. long-term Treasury yields to the highest since mid-August.
The ECB is increasingly likely to lower borrowing costs again at its meeting next month, but what happens beyond that is less certain, Governing Council member Madis Muller said.
| Citi (as of 19 Aug) | HSBC (as of 2 Sep) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0796 | 1.1068 | 1.0906 | 1.1194 |
| GBP/USD | 1.2673 | 1.2946 | 1.2833 | 1.3342 |
| USD/CHF | 0.8333 | 0.8827 | 0.8348 | 0.8698 |
| AUD/USD | 0.6363 | 0.6799 | 0.6614 | 0.6868 |
| USD/CAD | 1.3597 | 1.3946 | 1.3372 | 1.3681 |
| USD/JPY | 145.89 | 150.00 | 143.26 | 149.22 |
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
