The dollar was range-bound on Tuesday

2024-01-30

Summary:

The dollar was range-bound on Tuesday, as traders awaited the Fed's monetary policy decision this week for clues on possible rate cuts.

EBC Forex Snapshot

30 Jan 2024

The dollar was range-bound on Tuesday, as traders awaited the Fed's monetary policy decision this week for clues on possible rate cuts.

Markets are currently pricing in a 46.6% chance of cuts in March, dropping from 73.4% a month ago, according to the CME Group's FedWatch Tool.

USDJPY

The dollar lost some ground against the yen. Japan's jobless rate fell to 2.4% in December, under economists' median forecast of 2.5% in a Reuters poll.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 22 Jan)		HSBC (as of 29 Jan)
	support	resistance	support	resistance
EUR/USD	1.0848	1.1139	1.0779	1.0958
GBP/USD	1.2536	1.2848	1.2602	1.2794
USD/CHF	0.8333	0.8667	0.8511	0.8753
AUD/USD	0.6526	0.6900	0.6489	0.6694
USD/CAD	1.3177	1.3619	1.3347	1.3547
USD/JPY	140.59	148.80	145.37	149.87

The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains unchanged.

The labour ministry said the ratio of effective job openings to jobseekers last year stood at 1.31 amid higher demand in the hospitality sector.

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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