The dollar struggled for direction on Tuesday

2024-05-21

Summary:

The dollar hesitated as the Aussie fell; China's capital outflows surged in April, with local firms buying the most foreign exchange since April 2016.

EBC Forex Snapshot, 21 May 2024

The dollar struggled for direction on Tuesday while the Aussie slipped. China’s capital outflows worsened in April as local firms purchased the largest amount of foreign exchange from banks since Apr 2016.

Fed Vice Chair Philip Jefferson said on Monday it was too early to tell if inflation slowdown is "long lasting," while Vice Chair Michael Barr said restrictive policy needs more time.

AUDUSD

Minutes of the RBA's meeting showed the central bank decided to stand pat on interest rates in part to avoid "excessively fine-tuning" policy, but judged a hike might be needed if inflation proved more sticky.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 13 May)		HSBC (as of 21 May)
	support	resistance	support	resistance
EUR/USD	1.0601	1.0885	1.0704	1.0950
GBP/USD	1.2300	1.2709	1.2523	1.2805
USD/CHF	0.8999	0.9244	0.8985	0.9223
AUD/USD	0.6443	0.6668	0.6515	0.6766
USD/CAD	1.3478	1.3846	1.3545	1.3741
USD/JPY	152.12	157.68	152.72	158.88

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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Next： The yen was trading around 156 on Monday

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