The dollar slipped on Thursday - EBC Daily Snapshot

2023-12-14

Summary:

Thursday saw the dollar dip as the Fed's new economic outlook suggested the end of the interest-rate hike cycle, signaling a policy shift in 2024.

EBC Forex Snapshot

14 Dec 2023

The dollar slipped on Thursday after the Fed's latest economic projections indicated that the interest-rate hike cycle has ended and policy shift will happen in 2024.

Markets are now pricing in around a 75% chance of a rate cut in March, according to CME FedWatch tool, compared with 54% a week earlier. A soft landing is more likely for the US economy.

EURUSD

The euro jumped in response. The ECB is going to announce its policy decision later in the day and the central banks is expected to wrap up the most aggressive rate hikes in decades.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 1 Dec)		HSBC (as of 14 Dec)
	support	resistance	support	resistance
EUR/USD	1.0852	1.1020	1.0724	1.1019
GBP/USD	1.2347	1.2746	1.2499	1.2735
USD/CHF	0.8684	0.8957	0.8637	0.8821
AUD/USD	0.6522	0.6750	0.6551	0.6736
USD/CAD	1.3417	1.3695	1.3426	1.3660
USD/JPY	146.70	151.91	139.82	147.83

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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