Summary:
The dollar wobbled Tuesday as traders boosted bets on future US interest-rate cuts after the Fed signaled more cuts ahead this year.
EBC Forex Snapshot, 24 Sep 2024
The dollar wobbled on Tuesday as traders ramped up their bets on the pace of future US interest-rate cuts after the Fed signalled more cuts coming this year.
The euro was little changed. A survey compiled by S&P Global showed euro zone business activity sharply contracted this month as manufacturers are confronting a mix of sagging global demand.
In contrast, US business activity was steady in September, but average prices charged for goods and services rose at the fastest pace in six months, possibly pointing to an acceleration in inflation in coming months.
| Citi (as of 16 Sep) | HSBC (as of 24 Sep) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0857 | 1.1202 | 1.1012 | 1.1200 |
| GBP/USD | 1.2812 | 1.3266 | 1.3110 | 1.3470 |
| USD/CHF | 0.8375 | 0.8763 | 0.8383 | 0.8558 |
| AUD/USD | 0.6618 | 0.6871 | 0.6688 | 0.6921 |
| USD/CAD | 1.3441 | 1.3792 | 1.3454 | 1.3637 |
| USD/JPY | 140.25 | 147.13 | 140.25 | 146.25 |
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 held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.
2024-10-14
The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.
2024-10-11
The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.
2024-10-10
