The dollar started the week slightly higher

2024-01-29

Summary:

The dollar edged up on Monday as investors assessed US economic data before the Fed meeting. A 48% probability is assigned for a March rate cut.

EBC Forex Snapshot

26 Jan 2024

The dollar started the week slightly higher on Monday as investors weighed US economic data ahead of the Fed meeting this week. Markets are currently pricing in a 48% chance of a rate cut in March.

The Canadian dollar steadied after a two-week straight decline. Three-month implied volatility for the currency is trading at an annualised rate of about 5.25%, nearly its lowest level since March 2020.

USDCAD

Oil prices jumped as more attacks had been seen in the Red Sea. The BOC said its focus is shifting to when to cut borrowing costs rather than whether to hike again at a meeting last week.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 22 Jan)		HSBC (as of 29 Jan)
	support	resistance	support	resistance
EUR/USD	1.0848	1.1139	1.0779	1.0958
GBP/USD	1.2536	1.2848	1.2602	1.2794
USD/CHF	0.8333	0.8667	0.8511	0.8753
AUD/USD	0.6526	0.6900	0.6489	0.6694
USD/CAD	1.3177	1.3619	1.3347	1.3547
USD/JPY	140.59	148.80	145.37	149.87

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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