Summary:
The dollar firmed on Thursday after hitting a four-month low, as growing expectations of Fed rate cuts weighed on the greenback and Treasury yields.
EBC Forex Snapshot, 18 Jul 2024
The dollar firmed on Thursday after falling to its lowest level in four months, as growing expectations of rate cuts by the Fed weighed on the greenback and Treasury yields.
New York Fed President John Williams said in an interview that the Fed is "getting closer" to a point where it can start cutting interest rates. However, the IMF noted that progress on disinflation in the U.S. has slowed.
The Australian dollar caught a small boost from some mixed jobs data. Employment jumped well beyond expectations in June, yet the jobless rate still ticked higher as more people went looking for work.
| Citi (as of 8 Jul) | HSBC (as of 18 Jul) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0666 | 1.0916 | 1.0764 | 1.1028 |
| GBP/USD | 1.2616 | 1.2860 | 1.2732 | 1.3164 |
| USD/CHF | 0.8827 | 0.9158 | 0.8750 | 0.8982 |
| AUD/USD | 0.6595 | 0.6847 | 0.6630 | 0.6811 |
| USD/CAD | 1.3577 | 1.3846 | 1.3594 | 1.3763 |
| USD/JPY | 156.23 | 163.40 | 153.68 | 160.31 |
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 dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.
2024-10-14
The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.
2024-10-11
The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.
2024-10-10
