The dollar sees its largest weekly drop this year

2024-03-08

Summary:

The dollar faces the biggest weekly drop of 2024 as Fed Chair Powell hints at rate cuts. The euro reaches a nearly two-month peak.

EBC Forex Snapshot, 8 Mar 2024

The dollar headed for its sharpest weekly drop of the year on Friday as Fed Chair Jerome Powell sounded more confident about cutting interest rates in coming months. The euro hit an almost two-month high.

The ECB left its benchmark rate steady at 4% as expected and laid groundwork for a cut in June by downward revisions to its revisions to growth and inflation outlook.

EURUSD

Eurozone inflation eased to 2.6% in February, but the figure was higher than expected by economist. Rate-setters may worry that rapid wage growth is still pushing up prices in the labour-intensive services sector.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 4 Mar)		HSBC (as of 8 Mar)
	support	resistance	support	resistance
EUR/USD	1.0695	1.1017	1.0819	1.1014
GBP/USD	1.2476	1.2827	1.2648	1.2891
USD/CHF	0.8551	0.9013	0.8713	0.8864
AUD/USD	0.6443	0.6624	0.6518	0.6671
USD/CAD	1.3359	1.3606	1.3395	1.3562
USD/JPY	146.68	151.91	146.75	150.08

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.

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