The dollar index hit fresh peak - EBC Daily Snapshot

2023-09-21

Summary:

The dollar index surged to a new peak in early March after the Fed hinted at another rate hike. Sterling and the euro hit multi-month lows.

EBC Forex Snapshot

21 Sep 2023

The dollar index hit fresh peak since early March on Thursday after the Fed signalled one more rate hike for this year. Sterling and the euro both sank to fresh multi-month lows.

Japan's Chief Cabinet Secretary Hirokazu Matsuno said on Thursday that authorities wouldn't rule out any options in addressing excess volatility in currency markets, but traders have been exhausted by that kind of warnings.

GBPUSD

UK inflation surprised with a dip to 6.7% in August, below expectations and raising prospect of BOE’s rate hike pause on Thursday. Still market believes that another increase of 25 bps is more likely than not.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 11 Sep)		HSBC (as of 21 Sep)
	support	resistance	support	resistance
EUR/USD	1.0688	1.1091	1.0563	1.0818
GBP/USD	1.2448	1.2800	1.2197	1.2601
USD/CHF	0.8556	0.8945	0.8850	0.9061
AUD/USD	0.6365	0.6522	0.6360	0.6526
USD/CAD	1.3387	1.3705	1.3327	1.3643
USD/JPY	144.54	148.85	145.69	149.71

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.

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