The dollar digested its gains on Tuesday

2024-01-09

Summary:

Dollar digested gains on Tuesday; traders expect multiple Fed cuts this year due to slowing US inflation. Yen rebounded from a three-week low.

EBC Forex Snapshot

9 Jan 2024

The dollar digested its gains on Tuesday, as traders reaffirmed their bets for a slew of Fed cuts this year on the belief that inflation in the US is slowing sufficiently. The yen rebounded from a three-week low.

The New York Fed's latest Survey of Consumer Expectations which showed that consumers' projection of inflation over the short run fell to the lowest level in nearly three years in Dec.

USDJPY

Tokyo's consumer prices rose 2.1% last month from a year earlier. It was the second straight month that inflation has slowed. But the reading does not reflect the impact of the recent earthquake.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 2 Jan)		HSBC (as of 9 Jan)
	support	resistance	support	resistance
EUR/USD	1.0833	1.1150	1.0836	1.1100
GBP/USD	1.2527	1.2848	1.2627	1.2847
USD/CHF	0.8333	0.8667	0.8323	0.8642
AUD/USD	0.6691	0.6900	0.6614	0.6846
USD/CAD	1.3114	1.3387	1.3211	1.3441
USD/JPY	139.48	144.94	140.98	146.72

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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