The dollar was firm on Friday

2024-03-15
Summary:

Friday saw a resilient dollar, poised to end a three-week slide fueled by inflation data suggesting prolonged Fed rate stability, sparking concerns.

EBC Forex Snapshot, 15 Mar 2024


The dollar was firm on Friday and set to snap a three-week losing streak as another hotter-than-expected inflation data stoked worries that the Fed could keep interest rates unchanged for longer than expected.


The PPI for final demand increased rose 1.6% from a year earlier, the largest annual advance since September. Markets now price in 60% chance of rate cuts in June, according to the CME FedWatch tool.

USDJPY

The yen was on course for its worst weekly performance since January. The BOJ will ditch its negative interest rate policy in April, according to just under two-thirds of economists polled by Reuters.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 11 Mar) HSBC (as of 15 Mar)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0790 1.0976
GBP/USD 1.2503 1.2896 1.2601 1.2897
USD/CHF 0.8551 0.9000 0.8747 0.8911
AUD/USD 0.6443 0.6691 0.6482 0.6673
USD/CAD 1.3359 1.3607 1.3431 1.3619
USD/JPY 146.68 150.89 146.25 150.62

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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