Dollar Heads for Second Quarterly Gain

2024-06-28

Summary:

On Friday, the dollar aimed for a second quarterly gain, while Sterling's movement hinged on the upcoming UK general election.

EBC Forex Snapshot, 28 Jun 2024

The dollar was headed for a second straight quarterly gain on Friday as traders waited on crucial US inflation data. Sterling was for the quarter as markets looked to Britain's general election next week.

Donald Trump unleashed a barrage of at-times false attacks on President Joe Biden in their first campaign debate, with the dollar rising as Biden stumbled over his words a few times in early exchanges.

GBPUSD

The Guardian’s national poll tracker has Labour leading the Conservatives by just over 20 points. If recent polls are replicated later, Labour will win a landslide.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 24 Jun)		HSBC (as of 28 Jun)
	support	resistance	support	resistance
EUR/USD	1.0668	1.0916	1.0627	1.0815
GBP/USD	1.2619	1.2860	1.2545	1.2795
USD/CHF	0.8827	0.9158	0.8875	0.9044
AUD/USD	0.6564	0.6729	0.6578	0.6708
USD/CAD	1.3577	1.3846	1.3621	1.3786
USD/JPY	153.60	160.00	157.35	162.50

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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