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.

The dollar weakened in early Asian trading on Friday

The dollar weakened in early Asian trading on Friday

In early Asian trading, the dollar weakened on data indicating a cooling labor market. The pound rebounded from its lowest point since April 24.

2024-05-10
The dollar held mostly steady on Thursday

The dollar held mostly steady on Thursday

The dollar stayed stable ahead of next week's inflation data. The Swiss franc was strong at 0.9085, reflecting a labor market recovery.

2024-05-09
The yen was trading around 155 on Wednesday

The yen was trading around 155 on Wednesday

The dollar rose slightly on Wednesday after earlier Fed rate cut bets. The yen traded near 155 per dollar as traders anticipated market swings.

2024-05-08