The dollar was steady on Monday

2024-02-19

Summary:

Monday's steady dollar faces uncertain easing timing due to persistent inflation. Traders eye June for the first rate cut, per CME FedWatch.

EBC Forex Snapshot

19 Feb 2024

The dollar was steady on Monday as sticky inflation cast doubts on when the Fed would start its easing cycle soon. Traders expect the first rate cut to come in June, CME FedWatch tool showed.

Sterling edged up after data showed UK retail sales grew at their fastest pace in nearly three years in January. The economy slipped into recession in the second half of last year as people tight belts.

GBPUSD

Andrew Bailey, BoE governor, warned against putting “too much weight” on the recession as it was expected to be “very shallow”. The central bank upgraded its forecast for 2024 growth earlier this month.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 5 Feb)		HSBC (as of 19 Feb)
	support	resistance	support	resistance
EUR/USD	1.0724	1.1139	1.0679	1.0883
GBP/USD	1.2487	1.2827	1.2485	1.2742
USD/CHF	0.8333	0.8728	0.8609	0.8943
AUD/USD	0.6500	0.6900	0.6445	0.6614
USD/CAD	1.3379	1.3552	1.3369	1.3592
USD/JPY	146.09	148.80	147.10	152.10

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.

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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