The euro rises on Thursday - EBC Daily Snapshot

2023-11-09

Summary:

Euro rose vs. dollar on Thursday after hawkish ECB remarks and falling energy prices, while Aussie and loonie fell due to commodity links.

EBC Forex Snapshot

9 Nov 2023

The euro inched higher on the dollar on Thursday, following hawkish remarks from the ECB and the prospect of falling energy prices. But the Aussie and the loonie were down since they are more commodity-linked.

Chief economist Philip Lane said he had not seen enough progress in taming inflation. Huw Pill from the BOE and Fed Chair Powell will make speeches later.

GBPUSD

The BOJ may end its negative interest rate policy as early as January, and keep raising short-term borrowing costs if the economy can ride out uncertainties, said former central bank executive Eiji Maeda.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 30 Oct)		HSBC (as of 9 Nov)
	support	resistance	support	resistance
EUR/USD	1.0448	1.0737	1.0563	1.0804
GBP/USD	1.2037	1.2337	1.2091	1.2451
USD/CHF	0.8745	0.9338	0.8881	0.9107
AUD/USD	0.6253	0.6445	0.6272	0.6526
USD/CAD	1.3569	1.3862	1.3646	1.3918
USD/JPY	147.43	151.95	149.26	152.21

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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