Summary:
The dollar fell broadly on Wednesday as traders awaited the Fed's meeting minutes for rate outlook clues, due later in the day.
EBC Forex Snapshot, 21 Feb 2024
The dollar fell broadly on Wednesday as traders awaited minutes of the Fed's latest policy meeting due later in the day for further clues on its rate outlook.
Sterling inched lower in the wake of dovish comments from Governor Andrew Bailey. He said he was comfortable with rate cut bets this year but pointed to signs that economy was picking up after falling into recession in late 2023.
Deputy Governor Ben Broadbent said interest rate cuts during 2024 were possible but “the timing of any adjustment can only depend on the actual evolution of the economic data.”
| Citi (as of 5 Feb) | HSBC (as of 20 Feb) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0724 | 1.1139 | 1.0681 | 1.0885 |
| GBP/USD | 1.2487 | 1.2827 | 1.2481 | 1.2738 |
| USD/CHF | 0.8333 | 0.8728 | 0.8620 | 0.8954 |
| AUD/USD | 0.6500 | 0.6900 | 0.6449 | 0.6618 |
| USD/CAD | 1.3379 | 1.3552 | 1.3372 | 1.3595 |
| USD/JPY | 146.09 | 148.80 | 147.03 | 152.03 |
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 unchanged.
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The dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.
2024-10-14
The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.
2024-10-11
The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.
2024-10-10
