Summary:
The dollar hit a one-month low as Treasury yields fell. Upcoming US GDP data on Thursday may further impact bond markets.
EBC Forex Snapshot
24 Oct 2023
The dollar fell to a one-month low on Tuesday after Treasury yields dropped. The US GDP data due on Thursday could trigger more volatile move in bond markets.
Elsewhere, the euro eased on more signs of stagnancy. The eurozone business activity decline unexpectedly this month as demand fell across the region.
German was among the worst in the bloc. Its activity in the services sector contracted while the ongoing slump in manufacturing continued.
| Citi (as of 16 Oct) | HSBC (as of 24 Oct) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0443 | 1.0834 | 1.0517 | 1.0751 |
| GBP/USD | 1.2011 | 1.2387 | 1.2076 | 1.2378 |
| USD/CHF | 0.8745 | 0.9338 | 0.8793 | 0.9127 |
| AUD/USD | 0.6286 | 0.6522 | 0.6264 | 0.6425 |
| USD/CAD | 1.3381 | 1.3785 | 1.3576 | 1.3794 |
| USD/JPY | 146.00 | 150.16 | 148.56 | 150.44 |
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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