The dollar largely drifted sideways on Friday

2023-12-08

Summary:

The dollar steadied before US job data, set for a weekly gain. The worst performance in a year occurred last month due to peak rate expectations.

EBC Forex Snapshot

8 Dec 2023

The dollar largely drifted sideways on Friday ahead of US jobs data but headed for a weekly gain. Last month it had its worst performance in a year due to rising expectations for peak rate.

The Australian dollar steadied after China’s mixed signals. Data on Thursday showed the China's exports grew for the first time in six months in November, though imports unexpectedly shrunk.

AUDUSD

Australia's economy barely grew in the third quarter as exports flagged and households were reluctant to spend, suggesting rate hikes were working to restrain demand.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 27 Nov)		HSBC (as of 8 Dec)
	support	resistance	support	resistance
EUR/USD	1.0517	1.0965	1.0692	1.0955
GBP/USD	1.2037	1.2746	1.2445	1.2734
USD/CHF	0.8553	0.9338	0.8651	0.8861
AUD/USD	0.6445	0.6750	0.6503	0.6695
USD/CAD	1.3490	1.3855	1.3459	1.3747
USD/JPY	149.21	151.91	140.55	148.84

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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