Summary:
The dollar was steady on Monday. Markets see a 58% chance of a September rate cut and expect two cuts this year, per LSEG's FedWatch data.
EBC Forex Snapshot, 24 Jun 2024
The dollar was little changed on Monday. Money markets are still pricing in a 58% chance of a 25-bp rate cut in September, and still expect about two rate cuts this year, according to LSEG's FedWatch data.
US business activity reached a 26-month high in June amid a rebound in employment, while easing price pressures suggested the recent inflation slowdown may continue.
The focus through the week will also be on geopolitics, with the first US presidential debate on Thursday and the first round of voting in the French election at the weekend.
| Citi (as of 17 Jun) | HSBC (as of 24 Jun) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0688 | 1.0981 | 1.0600 | 1.0849 |
| GBP/USD | 1.2612 | 1.2860 | 1.2557 | 1.2797 |
| USD/CHF | 0.8885 | 0.9158 | 0.8843 | 0.9012 |
| AUD/USD | 0.6564 | 0.6729 | 0.6574 | 0.6704 |
| USD/CAD | 1.3577 | 1.3846 | 1.3611 | 1.3784 |
| USD/JPY | 151.86 | 158.26 | 156.24 | 161.63 |
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
