The dollar dipped on Friday

2023-12-01

Summary:

Friday: dollar down, euro up. US spending rose moderately in October, with the smallest annual inflation increase in over 2.5 years.

EBC Forex Snapshot

1 Dec 2023

The dollar dipped on Friday, while the euro edged higher. US consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2.5 years.

Markets are pricing in a 97% chance of the Fed standing pat in its December meeting, the CME FedWatch tool showed, with a 46% chance of a rate cut in March next year compared with a 27% chance last week.

The euro slumped overnight as data that showed inflation tumbled more than expected for a third straight month in November. Falling energy prices and lower growth in food and services prices were the main factors behind the slowdown.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 20 Nov)		HSBC (as of 30 Nov)
	support	resistance	support	resistance
EUR/USD	1.0517	1.0945	1.0742	1.1105
GBP/USD	1.2037	1.2525	1.2341	1.2890
USD/CHF	0.8745	0.9338	0.8621	0.8955
AUD/USD	0.6340	0.6520	0.6411	0.6750
USD/CAD	1.3640	1.3899	1.3467	1.3782
USD/JPY	149.21	151.91	145.29	150.56

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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