USD Movement Report: Monday Recap

2024-07-08

Summary:

The dollar steadied after a 1% loss last week. CME's FedWatch Tool shows 76% odds of a rate cut at the Fed's September meeting.

EBC Forex Snapshot, 8 Jul 2024

The dollar was flat on Monday following a nearly 1% loss last week. Traders currently set about 76% odds for a rate cut at the Fed's September meeting, according to the CME Group's FedWatch Tool.

Sterling rose to its highest level in more than 3 weeks as the Labour Party's landslide election ended 14 years of Conservative rule. It has been one of the best-performing major currencies so far this year.

GBPUSD

Left-leaning Labour has pledged to upgrade Britain's creaking infrastructure and solve a housing shortage while keeping spending tight as the UK's tax burden approaches an all-time high.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 2 Jul)		HSBC (as of 5 Jul)
	support	resistance	support	resistance
EUR/USD	1.0666	1.0916	1.0711	1.0863
GBP/USD	1.2616	1.2860	1.2652	1.2819
USD/CHF	0.8827	0.9158	0.8867	0.9093
AUD/USD	0.6595	0.6729	0.6629	0.6779
USD/CAD	1.3577	1.3846	1.3557	1.3716
USD/JPY	156.23	163.40	158.26	163.11

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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