The euro's recent performance has been sluggish

2024-04-12

Summary:

The dollar rose moderately on Friday as weaker-than-expected March US PPI did not relieve concerns that the Fed will delay loosening this year.

EBC Forex Snapshot, 12 Apr 2024

The dollar rose moderately on Friday as weaker-than-expected March US PPI did not relieve concerns that the Fed will delay loosening this year.

There were 211,000 initial jobless claims for the week ended April 6, compared with a forecast for 215,000. Traders have priced in a roughly 69% chance of policy pivot in September, the CME's FedWatch tool showed.

EURUSD

The euro was eyeing its sharpest weekly fall in about four months after the ECB kept interest rates unchanged and sent the clearest signal so far that it was ready to cut interest rates.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 25 Mar)		HSBC (as of 12 Apr)
	support	resistance	support	resistance
EUR/USD	1.0695	1.1017	1.0652	1.0840
GBP/USD	1.2503	1.2896	1.2469	1.2670
USD/CHF	0.8741	0.9112	0.8993	0.9175
AUD/USD	0.6443	0.6691	0.6462	0.6627
USD/CAD	1.3359	1.3607	1.3534	1.3784
USD/JPY	146.66	151.91	151.61	154.01

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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