The dollar rose to an eight-week high on Monday

2024-02-05

Summary:

The dollar surged to an 8-week high as traders reduced bets on aggressive Fed rate cuts. Simultaneously, the Canadian dollar hit a one-week low.

EBC Forex Snapshot

5 Feb 2024

The dollar rose to an eight-week high on Monday as traders trimmed bets for aggressive rate cuts by the Fed this year. Meanwhile the Canadian dollar weakened to a one-week low.

Preliminary data showed Canada's economy likely expanding at an annualised rate of 1.2% in Q4. That means the economy probably avoided a technical recession.

USDCAD

money markets pared bets for an April rate cut to a 42% chance by the BOC. Oil prices just posted weekly loss due to faltering growth in China and rising non-OPEC supply.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 29 Jan)		HSBC (as of 5 Feb)
	support	resistance	support	resistance
EUR/USD	1.0822	1.1139	1.0716	1.0902
GBP/USD	1.2487	1.2827	1.2557	1.2738
USD/CHF	0.8333	0.8728	0.8566	0.8745
AUD/USD	0.6526	0.6900	0.6442	0.6623
USD/CAD	1.3379	1.3619	1.3363	1.3549
USD/JPY	145.09	148.80	146.35	149.60

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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