The dollar fell post-Thanksgiving - EBC Daily Snapshot

2023-11-24

Summary:

The dollar slipped on Friday after the Thanksgiving holiday. Currency markets are likely to be muted with investor convictions in peak US rates.

EBC Forex Snapshot

24 Nov 2023

The dollar slipped on Friday after the Thanksgiving holiday. Currency markets are likely to be muted with investor convictions in peak US rates.

The yen edged higher after Japan’s inflation picked up. Core consumer prices rose 2.9% year on year in Oct, up from 2.8% in September. The YCC policy is now widely seen as obsolete.

USDJPY

However, Japan's factory activity shrank for a sixth straight month in Nov while modest growth in the service sector was little changed – a sign of soft demand, a business survey showed on Friday.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 13 Nov)		HSBC (as of 22 Nov)
	support	resistance	support	resistance
EUR/USD	1.0517	1.0769	1.0661	1.1061
GBP/USD	1.2037	1.2428	1.2262	1.2686
USD/CHF	0.8745	0.9338	0.8740	0.9004
AUD/USD	0.6270	0.6522	0.6398	0.6650
USD/CAD	1.3640	1.3899	1.3599	1.3830
USD/JPY	147.43	151.95	146.38	151.16

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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