The dollar edged up Tuesday before the Fed meeting

2024-04-30

Summary:

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.

AUDUSD

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.

Citibank vs. HSBC Currency Pair Data Comparison
	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.

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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