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.

The yen was trading around 156 on Monday

The yen was trading around 156 on Monday

Investors await clues on US interest rates as the dollar holds steady. Fed officials are cautious despite weak inflation signals.

2024-05-20
Dollar's biggest 2.5-month fall vs. euro Friday

Dollar's biggest 2.5-month fall vs. euro Friday

The dollar weakened versus the euro this week on signs of lower inflation and a softer US economy, raising Fed rate-cut expectations.

2024-05-17
US Dollar Slips to Multi-Month Lows on Thursday

US Dollar Slips to Multi-Month Lows on Thursday

US core inflation hits a 3-year low, causing the dollar to plummet; the Australian dollar also falls from a 4-month peak due to a weak jobs report.

2024-05-16

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EBC Financial Group is owned and operated by EBC Group.
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.
EBC Group Limited (BVI), with registered address at Trident Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands is owned and operated by EBC Group.
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
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EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). website: www.ebcgroup.ky
Business Address: Level 17, Dashwood House, 69 Old Broad Street, London, England, EC2M 1QS,United Kingdom.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.
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