The Euro Nears One-Month Low

2024-08-08

Summary:

The dollar weakened Thursday as carry trades faded. JPMorgan CEO Jamie Dimon believes the odds of a "soft landing" for the US economy are 35–40%.

EBC Forex Snapshot, 8 Aug 2024

The dollar eased on Thursday on fading carry trades. JP Morgan Chase CEO Jamie Dimon said he still believes that the odds of a "soft landing" for the US economy are around 35% to 40%.

Traders expect the Fed to cut rates by 50 bps at its next meeting in September as the economy slows, but they are also pricing in a 26.5% chance of a smaller 25 bps reduction, according to the CME Group's FedWatch Tool.

EURUSD

The euro was hovering close to the one-month low it touched on Tuesday. Retail sales unexpectedly fell in June in the eurozone as a consumption-led recovery continued to prove elusive.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 5 Aug)		HSBC (as of 8 Aug)
	support	resistance	support	resistance
EUR/USD	1.0796	1.0948	1.0795	1.1028
GBP/USD	1.2613	1.2894	1.2589	1.2873
USD/CHF	0.8551	0.8827	0.8390	0.8883
AUD/USD	0.6466	0.6653	0.6339	0.6702
USD/CAD	1.3590	1.3899	1.3656	1.3903
USD/JPY	145.37	150.00	139.61	155.81

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.

Previous： The Australian dollar nears July's peak.

Next： The Dollar Rebounds from Seven-Month Low

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