Euro in twelfth week of declines - EBC Daily Snapshot

2023-10-06

Summary:

The euro was set for a twelfth week of declines against the dollar ahead of key US job report. That will mark the longest losing streak on record.

EBC Forex Snapshot

6 Oct 2023

The euro was set for a twelfth week of declines against the dollar ahead of key US job report. That will mark the longest losing streak on record.

The pair has been largely driven by the dollar’s strength due to a rapid selloff in Treasuries and the Fed’s hawkish stance. Meanwhile sterling rallied slightly after hitting its six-month low.

USDCHF

The Swiss franc was on track to finish the week stronger against the greenback – the only one among G10 currency.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 3 Oct)		HSBC (as of 5 Oct)
	support	resistance	support	resistance
EUR/USD	1.0477	1.0834	1.0388	1.0677
GBP/USD	1.2011	1.2308	1.1967	1.2356
USD/CHF	0.8745	0.9338	0.8985	0.9299
AUD/USD	0.6300	0.6522	0.6234	0.6462
USD/CAD	1.3302	1.3695	1.3488	1.3889
USD/JPY	144.54	150.15	147.57	150.42

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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