2024-01-12
EBC Forex Snapshot
12 Jan 2024
The dollar held steady on Friday, as investors weighed an ambiguous inflation reading against market bets that the Fed will cut rates soon. Still, traders are pricing in a 73.2% chance of rate cuts in March.
On a 12-month basis, the CPI closed 2023 up 3.4%. Economists surveyed by Dow Jones had forecast a rise of 3.2%. The year-over-year core reading was the lowest since May 2021.
The canadian dollar strengthened after touching its four-week low on Thursday. The price of oil, one of Canada's major exports got a boost after Iran seized an oil tanker off the coast of Oman.
| Citi (as of 2 Jan) | HSBC (as of 12 Jan) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0833 | 1.1150 | 1.0850 | 1.1114 |
| GBP/USD | 1.2527 | 1.2848 | 1.2636 | 1.2856 |
| USD/CHF | 0.8333 | 0.8667 | 0.8373 | 0.8622 |
| AUD/USD | 0.6691 | 0.6900 | 0.6594 | 0.6826 |
| USD/CAD | 1.3114 | 1.3387 | 1.3229 | 1.3497 |
| USD/JPY | 139.48 | 144.94 | 141.54 | 147.71 |
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.
