Summary:
The dollar hit a 5-month high on Tuesday as US retail sales surged 0.7% in March, beating economists' 0.4% forecast.
EBC Forex Snapshot, 16 Apr 2024
The dollar rose to a five-month high on Tuesday following consumption figures. US retail sales rose 0.7% in March from the prior month, beat the 0.4% increase that economists projected.
The Australian dollar struggled around its lowest since mid-November although data showed China’s economy grew faster than expected in Q1. Fitch cut its outlook on the sovereign credit rating to negative last week.
Investors have increased their allocations to stocks and commodities and dumped bonds, the most bullish since January 2022 –a good sign for commodity currencies, BofA’s monthly fund manager survey showed.
| Citi (as of 15 Apr) | HSBC (as of 16 Apr) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0517 | 1.0865 | 1.0529 | 1.0800 |
| GBP/USD | 1.2337 | 1.2709 | 1.2342 | 1.2628 |
| USD/CHF | 0.8999 | 0.9148 | 0.9023 | 0.9178 |
| AUD/USD | 0.6443 | 0.6668 | 0.6397 | 0.6587 |
| USD/CAD | 1.3478 | 1.3855 | 1.3576 | 1.3896 |
| USD/JPY | 150.88 | 153.39 | 151.90 | 155.54 |
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 dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.
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The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.
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