Dollar was on the Back Foot on Thursday

2024-07-04

Summary:

Thursday saw the dollar weaken after ADP reported fewer job gains in June, aligning with increased initial unemployment claims last week.

EBC Forex Snapshot, 4 Jul 2024

The dollar was on the back foot on Thursday after ADP employment report showed a less-than-expected job gains in June in line with an increase in initial applications for unemployment benefits last week.

Minutes of the Fed's meeting acknowledged the economy is slowing and price pressures were diminishing. Markets are pricing in about a 68% chance of a rate cut in September, according to the CME FedWatch tool.

GBPUSD

Sterling held steady after gaining on the dollar overnight. Britain appears poised to elect Labour Party leader Keir Starmer as its next prime minister when voters go to the polls.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 24 Jun)		HSBC (as of 4 Jul)
	support	resistance	support	resistance
EUR/USD	1.0668	1.0916	1.0695	1.0847
GBP/USD	1.2619	1.2860	1.2641	1.2808
USD/CHF	0.8827	0.9158	0.8875	0.9101
AUD/USD	0.6564	0.6729	0.6614	0.6764
USD/CAD	1.3577	1.3846	1.3576	1.3739
USD/JPY	153.60	160.00	158.37	163.49

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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