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.
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.
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.
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