The Dollar Rebounds from Seven-Month Low

2024-08-07
Summary:

A BOJ official downplayed a near-term rate hike on Wednesday, adding to a week already marked by fears about the US recession.

EBC Forex Snapshot, 7 Aug 2024


The yen slumped on Wednesday after a BOJ official played down the chances of a near-term rate hike in a fresh twist to the week that started with massive moves driven by US recession fears.


"As we are seeing sharp volatility in domestic and overseas financial markets, it's necessary to maintain current levels of monetary easing for the time being," Deputy Governor Shinichi Uchida said.

USDJPY

The dollar inched away from the seven-month low. Markets are now pricing in a 70% chance of the Fed cutting rates by 50 bps in September, CME FedWatch tool showed.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 5 Aug) HSBC (as of 7 Aug)

support resistance support resistance
EUR/USD 1.0796 1.0948 1.0801 1.1034
GBP/USD 1.2613 1.2894 1.2569 1.2911
USD/CHF 0.8551 0.8827 0.8321 0.8814
AUD/USD 0.6466 0.6653 0.6328 0.6725
USD/CAD 1.3590 1.3899 1.3653 1.3931
USD/JPY 145.37 150.00 138.02 154.22

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.

AUD rebounds on jobs report

AUD rebounds on jobs report

The US dollar fell on Thursday after the Fed's larger-than-expected rate cut, which Powell said was to maintain low unemployment.

2024-09-19
The dollar wavered on Wednesday

The dollar wavered on Wednesday

The dollar wavered 18 Sep 2024 after US retail sales unexpectedly rose in August, and the Atlanta Fed raised its GDPNow estimate to 3% from 2.5%.

2024-09-18
The dollar rose to a 4-week high against the euro

The dollar rose to a 4-week high against the euro

On Thursday, the dollar hit a four-week high against the euro as persistent inflation suggested the Fed might avoid a large rate cut next week.

2024-09-12
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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC. The two entities are managed separately. The financial products and services offered on this website are NOT provided by the Australian entity and no recourse against the Australian entity is available.
EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
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