The dollar remained on the back foot on Wednesday

2024-07-03
Summary:

On Wednesday, the dollar weakened as Fed Chair Jerome Powell's dovish remarks, despite a strong jobs report, pushed Treasury yields down.

EBC Forex Snapshot, 3 Jul 2024


The dollar remained on the back foot on Wednesday after dovish comments from Fed Chair Jerome Powell following a strong domestic jobs reports sent Treasury yields lower.


US job openings rose in May after posting outsized declines in the prior two months, but data or April was revised lower. The trend remained consistent with an easing in labour market conditions.

EURUSD

The euro was flat. Euro zone inflation eased last month but a crucial services component remained stubbornly high, fuelling concern that domestic price pressures could stay at elevated levels.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 24 Jun) HSBC (as of 3 Jul)

support resistance support resistance
EUR/USD 1.0668 1.0916 1.0667 1.0819
GBP/USD 1.2619 1.2860 1.2594 1.2791
USD/CHF 0.8827 0.9158 0.8891 0.9116
AUD/USD 0.6564 0.6729 0.6603 0.6708
USD/CAD 1.3577 1.3846 1.3608 1.3761
USD/JPY 153.60 160.00 158.09 163.27

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.

The US dollar was hovering near three-week lows

The US dollar was hovering near three-week lows

On Friday, the US dollar neared three-week lows ahead of payrolls, while the pound held strong with Labour poised for a UK election landslide.

2024-07-05
Dollar was on the Back Foot on Thursday

Dollar was on the Back Foot on Thursday

Thursday saw the dollar weaken after ADP reported fewer job gains in June, aligning with increased initial unemployment claims last week.

2024-07-04
Rising Treasury Yields Support the Dollar's Strength

Rising Treasury Yields Support the Dollar's Strength

The dollar rose with Treasury yields, driven by expectations of Donald Trump winning the presidency and starting another trade war.

2024-07-02

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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 and are managed separately. EBC Financial Group (Australia) Pty Ltd provides general financial advise services in Australia.
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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.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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