The dollar didn't gain more - EBC Daily Snapshot

2023-11-23

Summary:

Thursday's dollar bounce from a 2.5-month low lacked momentum. Currency markets remained stable amid the Thanksgiving holiday.

EBC Forex Snapshot

23 Nov 2023

The dollar did not gain more momentum on Thursday after bouncing from its low in 2.5 months. Currency markets were little changed due to the Thanksgiving holiday.

Data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week. But US durable goods orders fell more than expected last month.

Markets see a 27% chance of a rate cut at the March 2024 policy meeting and a 40% chance of a rate cut in May, according to CME Group's FedWatch tool.

Sterling was under renewed pressure. The UK economy will grow much more slowly than expected in the next two years as inflation takes longer to fall, according to the OBR.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 13 Nov)		HSBC (as of 22 Nov)
	support	resistance	support	resistance
EUR/USD	1.0517	1.0769	1.0661	1.1061
GBP/USD	1.2037	1.2428	1.2262	1.2686
USD/CHF	0.8745	0.9338	0.8740	0.9004
AUD/USD	0.6270	0.6522	0.6398	0.6650
USD/CAD	1.3640	1.3899	1.3599	1.3830
USD/JPY	147.43	151.95	146.38	151.16

The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains 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.

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