Dollar Drops Over 2% in August

2024-09-03
Summary:

The dollar fell over 2% in August, its biggest drop this year, offering some relief to economies strained by earlier dollar strength.

EBC Forex Snapshot, 3 Sep 2024


The dollar fell more than 2% in August, marking its biggest monthly drop this year and providing some relief to economies that have suffered under the weight of dollar strength.


Speculative traders turned bearish on the dollar for the first time since February as the Fed looks set to kick off its easing cycle in September. The US could face a prolonged slowdown in 2025, abdrn said.

USDCAD

Canadian dollar just notched biggest monthly advance this year as risk-on mood helped push oil prices higher. The economy grew at an annualised rate of 2.1% in Q2, beating estimates for a gain of 1.6%.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 26 Aug) HSBC (as of 3 Sep)

support resistance support resistance
EUR/USD 1.0819 1.1276 1.0946 1.1199
GBP/USD 1.2860 1.3230 1.3373 1.3673
USD/CHF 0.8333 0.8827 0.8359 0.8709
AUD/USD 0.6615 0.6799 0.6632 0.6886
USD/CAD 1.3478 1.3792 1.3372 1.3681
USD/JPY 141.70 149.35 143.76 149.72

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.


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.

The dollar wavered on Wednesday

The dollar wavered on Wednesday

The dollar wavered 18 Sep 2024 after US retail sales unexpectedly rose in August, and the Atlanta Fed raised its GDPNow estimate to 3% from 2.5%.

2024-09-18
The dollar rose to a 4-week high against the euro

The dollar rose to a 4-week high against the euro

On Thursday, the dollar hit a four-week high against the euro as persistent inflation suggested the Fed might avoid a large rate cut next week.

2024-09-12
The yen hit a year-high against the dollar

The yen hit a year-high against the dollar

On Wednesday, the yen surged to its highest level this year against the dollar after Harris and Trump debated ahead of the November election.

2024-09-11
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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
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EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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