The dollar rose Wednesday after Fed Chair Powell said a rate cut won't happen until the Fed is confident inflation is heading to the 2% target.
EBC Forex Snapshot, 10 Jul 2024
The dollar was on the front foot on Wednesday after Fed Chair Jerome Powell said a rate cut is not appropriate until the Fed gains "greater confidence" that inflation is headed toward the 2% target.
Traders now have around 73% odds for a rate cut by September, CME FedWatch tool showed, with a second reduction mostly priced in by December. The Swiss franc rallied after falling for two straight days.
Swiss inflation unexpectedly eased last month. Consumer prices rose 1.3% from a year ago, less than economists estimated and down from the fastest clip this year.
Citi (as of 2 Jul) | HSBC (as of 10 Jul) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0666 | 1.0916 | 1.0703 | 1.0883 |
GBP/USD | 1.2616 | 1.2860 | 1.2647 | 1.2882 |
USD/CHF | 0.8827 | 0.9158 | 0.8855 | 0.9075 |
AUD/USD | 0.6595 | 0.6729 | 0.6651 | 0.6795 |
USD/CAD | 1.3577 | 1.3846 | 1.3571 | 1.3726 |
USD/JPY | 156.23 | 163.40 | 158.82 | 162.90 |
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.
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On Friday, the US dollar fell to a one-week low as mixed job market signals emerged before key payroll data likely to influence Fed policy.
2024-09-06The dollar fell Thursday on US economic worries, with the yen rising on safe-haven demand. Traders see a 44% chance of a 50-bp cut this month.
2024-09-05Safe-haven currencies surged Wednesday as Wall Street and Asian stocks fell sharply, leading to losses in commodity currencies.
2024-09-04