Thursday's Dollar Strengthens Slightly

2024-06-20

Summary:

The dollar rose as Fed Governor Adriana Kugler sees policy as "sufficiently restrictive" to control inflation without major job market harm.

EBC Forex Snapshot, 20 Jun 2024

The dollar firmed a touch on Thursday. Fed Governor Adriana Kugler said monetary policy is "sufficiently restrictive" to ease price pressures without causing a significant deterioration in the job market.

Currencies were trading in tight ranges following a holiday in the US and as investors looked not only to the BoE but also central bank decisions in Switzerland and Norway.

GBPUSD

The focus will be on any guidance on how soon an easing cycle could begin. The return of UK inflation to 2% in May is a significant milestone, but the path ahead remains fraught with uncertainty.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 17 Jun)		HSBC (as of 20 Jun)
	support	resistance	support	resistance
EUR/USD	1.0688	1.0981	1.0634	1.0883
GBP/USD	1.2612	1.2860	1.2627	1.2833
USD/CHF	0.8885	0.9158	0.8754	0.8999
AUD/USD	0.6564	0.6729	0.6595	0.6725
USD/CAD	1.3577	1.3846	1.3606	1.3797
USD/JPY	151.86	158.26	155.66	159.38

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.

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