The euro has not fluctuated much

2024-09-10

Summary:

The dollar held steady early Tuesday, with the euro little changed. A weaker jobs report boosts expectations for a 50 bps Fed cut this month.

EBC Forex Snapshot, 10 Sep 2024

The dollar was steady in early trading on Tuesday, while the euro was little changed. A weaker-than-expected jobs report has bolstered the case for a 50 bps cut by the Fed this month.

Analysts say that such a decision will not spook investors as opinion on the forthcoming meeting remains hotly divided. It could be hard to stay optimistic as warning signs are not only flashing in the US.

EURUSD

German industrial production fell more than expected in July, driven mainly by weak activity in the automotive sector, spurring fears that the economy could contract again in Q3.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 2 Sep)		HSBC (as of 10 Sep)
	support	resistance	support	resistance
EUR/USD	1.0832	1.1202	1.0972	1.1148
GBP/USD	1.2860	1.3266	1.2965	1.3223
USD/CHF	0.8333	0.8827	0.8391	0.8578
AUD/USD	0.6659	0.6871	0.6594	0.6775
USD/CAD	1.3420	1.3792	1.3455	1.3641
USD/JPY	141.70	149.39	140.89	146.32

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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