The dollar held broadly steady on Tuesday

2024-03-12

Summary:

The dollar remained stable before crucial US inflation data, while the pound stayed below its seven-month peak reached recently.

EBC Forex Snapshot, 12 Mar 2024

The dollar held broadly steady on Tuesday ahead of key US inflation data due later in the day, while the pound steadied below its seven-month high touched last week.

The REC trade body and accountants KPMG said their monthly index of demand for staff fell to 46.9 in February, the lowest reading since January 2021.

GBPUSD

money market pricing showed that traders think the first BOE rate cut will most likely come in August, whereas they think the ECB and Fed will probably cut in June.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 4 Mar)		HSBC (as of 12 Mar)
	support	resistance	support	resistance
EUR/USD	1.0695	1.1017	1.0816	1.1008
GBP/USD	1.2476	1.2827	1.2642	1.2938
USD/CHF	0.8551	0.9013	0.8705	0.8869
AUD/USD	0.6443	0.6624	0.6504	0.6695
USD/CAD	1.3359	1.3606	1.3398	1.3586
USD/JPY	146.68	151.91	145.33	149.70

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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