The dollar hits a two-month low - EBC Daily Snapshot

2023-11-20

Summary:

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.

EURUSD

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.

Citibank vs. HSBC Currency Pair Data Comparison
	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.

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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