The Dollar Headed for Its Largest Weekly Rise in a Month

2024-05-24

Summary:

Friday saw the dollar's largest weekly rise in six weeks, driven by strong US economic data and stirring interest rate concerns.

EBC Forex Snapshot, 24 May 2024

The dollar headed for its largest weekly rise in a month and a half on Friday as surprisingly strong US economic data has left markets on edge about the outlook for interest rates.

May figures showed US business activity accelerated to the highest level in just over two years. The yen dipped below 157 per dollar as Japan's core inflation slowed for a second straight month in April.

USDJPY

The increase in the nationwide core CPI marked the 25th straight month it has remained above the BOJ's 2% target, but the slowdown may signal a scarcer chance of an imminent rate hike.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 20 May)		HSBC (as of 24 May)
	support	resistance	support	resistance
EUR/USD	1.0793	1.0895	1.0725	1.0897
GBP/USD	1.2300	1.2712	1.2506	1.2824
USD/CHF	0.8988	0.9244	0.9033	0.9205
AUD/USD	0.6443	0.6729	0.6537	0.6695
USD/CAD	1.3478	1.3846	1.3623	1.3798
USD/JPY	152.12	157.68	154.09	158.48

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.

Previous： The dollar made a steady start to the week on Monday

Next： The Dollar Hovered near a One-Week High on Thursday

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