The dollar rose slightly on Tuesday ahead of the Fed meeting. CME Group's FedWatch tool showed a 44% chance of a rate cut in September.
EBC Forex Snapshot, 30 Apr 2024
The dollar inched higher on Tuesday ahead of the Fed's meeting. A rate cut in September was looking like a close call at just 44%, according to CME Group's FedWatch tool.
A soft retail sales number out of Australia sent the Aussie sliding as markets further trimmed the risk of another RBA’s rate hike by September. Consumers pulled back on spending in March as cost of living remained high.
Adding to Aussie weakness, manufacturing and services activity in China both expanded at a slower pace in April. Iron ore prices fell amid risk-off sentiment ahead of a Chinese public holiday.
Citi (as of 22 Apr) | HSBC (as of 30 Apr) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0600 | 1.0885 | 1.0590 | 1.0857 |
GBP/USD | 1.2337 | 1.2709 | 1.2336 | 1.2747 |
USD/CHF | 0.8999 | 0.9152 | 0.9023 | 0.9169 |
AUD/USD | 0.6339 | 0.6668 | 0.6407 | 0.6678 |
USD/CAD | 1.3478 | 1.3862 | 1.3526 | 1.3819 |
USD/JPY | 150.88 | 155.00 | 151.98 | 160.35 |
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 the same.
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On Friday, the US dollar fell to a one-week low as mixed job market signals emerged before key payroll data likely to influence Fed policy.
2024-09-06The dollar fell Thursday on US economic worries, with the yen rising on safe-haven demand. Traders see a 44% chance of a 50-bp cut this month.
2024-09-05Safe-haven currencies surged Wednesday as Wall Street and Asian stocks fell sharply, leading to losses in commodity currencies.
2024-09-04