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.
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.
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.
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On Friday, the US dollar fell to a one-week low as mixed job market signals emerged before key payroll data likely to influence Fed policy.
2024-09-06The dollar fell Thursday on US economic worries, with the yen rising on safe-haven demand. Traders see a 44% chance of a 50-bp cut this month.
2024-09-05Safe-haven currencies surged Wednesday as Wall Street and Asian stocks fell sharply, leading to losses in commodity currencies.
2024-09-04