The dollar index hovered at a one-month high

2024-01-17

Summary:

Fed Governor Waller's comments tempered rate-cut expectations, keeping the dollar index near a one-month high on Wednesday.

EBC Forex Snapshot

17 Jan 2024

The dollar index hovered at a one-month high on Wed as Fed Governor Christopher Waller became the latest in a line of policymakers to water down rate cut expectations.

He said that the central bank should not rush towards loosening until it is clear lower inflation will be sustained. Markers are pricing a chance of around 62% for a policy pivot in March.

GBPUSD

Sterling rose after data showed Britain's annual Inflation rate increased for the first time in 10 months and beat analyst forecast. Core inflation stayed above 5%, leaving the BOE at an impasse.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 8 Jan)		HSBC (as of 16 Jan)
	support	resistance	support	resistance
EUR/USD	1.0833	1.1150	1.0836	1.1100
GBP/USD	1.2536	1.2848	1.2612	1.2832
USD/CHF	0.8333	0.8667	0.8398	0.8644
AUD/USD	0.6641	0.6900	0.6561	0.6815
USD/CAD	1.3177	1.3483	1.3246	1.3529
USD/JPY	139.48	144.96	141.84	148.01

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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