The dollar slid on Thursday

2024-03-21

Summary:

Thursday saw the dollar drop post-Fed's steady interest rate cut projections. Australia surged with robust employment data from last month.

EBC Forex Snapshot, 21 Mar 2024

The dollar slid on Thursday after the Fed marinated its projections of interest rate cuts for the year. The Australian dollar jumped as data showed employment rebounded sharply last month.

The country’s jobless rate dived to 3.7% as employers shrugged off signs of an economic slowdown to boost staff numbers by triple the level expected. The strong result dumbfounded economists.

AUDUSD

Earlier this week, RBA governor Michele Bullock indicated a rapid increase in unemployment could prompt the central bank to start cutting interest rates. The labour market has been in for a bumpy ride.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 18 Mar)		HSBC (as of 21 Mar)
	support	resistance	support	resistance
EUR/USD	1.0695	1.1017	1.0816	1.1000
GBP/USD	1.2503	1.2896	1.2623	1.2919
USD/CHF	0.8741	0.9000	0.8758	0.8948
AUD/USD	0.6443	0.6691	0.6485	0.6676
USD/CAD	1.3359	1.3607	1.3400	1.3596
USD/JPY	146.26	149.21	147.86	153.24

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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