The dollar drifted lower on Thursday

2024-01-11

Summary:

On Thursday, the dollar slipped, anticipating a cooling inflation report. Sterling rose on positive market sentiment, extending its gains.

EBC Forex Snapshot

11 Jan 2024

The dollar drifted lower on Thursday as traders expected the upcoming inflation report to show more signs of cooling. Sterling extended its upside on improved market sentiment.

Investec, a bank, said on Wednesday it now expected three 25 bp interest rate cuts by the BOE in 2024 rather than its previous call of two and inflation was likely to fall to around 1.5% in Q3.

GBPUSD

Andrew Bailey refused to address the outlook for monetary policy to MPs, but he said there was clearly the “potential for further global shocks” when asked about the top threat facing the UK economy this year.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 2 Jan)		HSBC (as of 10 Jan)
	support	resistance	support	resistance
EUR/USD	1.0833	1.1150	1.0824	1.1088
GBP/USD	1.2527	1.2848	1.2599	1.2819
USD/CHF	0.8333	0.8667	0.8358	0.8659
AUD/USD	0.6691	0.6900	0.6590	0.6822
USD/CAD	1.3114	1.3387	1.3237	1.3477
USD/JPY	139.48	144.94	141.15	146.89

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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