The dollar slid to a two-month low on Monday, extending a downtrend from last week as traders reaffirmed their belief that US rates have peaked.
EBC Forex Snapshot
20 Nov 2023
The dollar slid to a two-month low on Monday, extending a downtrend from last week as traders reaffirmed their belief that US rates have peaked.
Focus now turns to when the first rate cut could occur, with futures pricing in a 30% chance that the Fed could begin to lower rates as early as March, according to the CME FedWatch tool.
The euro hit its highest since August. ECB President Christine Lagarde said last week that the EU needs a capital markets union to raise money needed to meet the challenge confronting the bloc.
Citi (as of 13 Nov) | HSBC (as of 20 Nov) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0517 | 1.0769 | 1.0643 | 1.1043 |
GBP/USD | 1.2037 | 1.2428 | 1.2201 | 1.2613 |
USD/CHF | 0.8745 | 0.9338 | 0.8763 | 0.9029 |
AUD/USD | 0.6270 | 0.6522 | 0.6366 | 0.6595 |
USD/CAD | 1.3640 | 1.3899 | 1.3597 | 1.3869 |
USD/JPY | 147.43 | 151.95 | 148.45 | 151.36 |
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.
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On Friday, the US dollar fell to a one-week low as mixed job market signals emerged before key payroll data likely to influence Fed policy.
2024-09-06The dollar fell Thursday on US economic worries, with the yen rising on safe-haven demand. Traders see a 44% chance of a 50-bp cut this month.
2024-09-05Safe-haven currencies surged Wednesday as Wall Street and Asian stocks fell sharply, leading to losses in commodity currencies.
2024-09-04