USD Near Multi-Week Low on Tuesday

2024-07-09
Summary:

US dollar near multi-week low, 76% odds of a September rate cut per CME Group's FedWatch Tool ahead of Powell's testimony.

EBC Forex Snapshot, 9 Jul 2024


The US dollar hung near a multi-week low on Tuesday as Fed Chair Jerome Powell is ready to testify before Congress. Traders set about 76% odds for a rate cut in September, according to the CME Group's FedWatch Tool.


The euro was little changed while data worsened. German industrial production unexpectedly fell in May, adding to signs that manufacturing in Europe's largest economy will not recover in the coming months.

EURUSD

Investor morale in the euro zone broke an eight-month streak of improvements with a bigger-than-expected decline in July, a survey showed, describing the results as a "bitter setback".

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 2 Jul) HSBC (as of 9 Jul)

support resistance support resistance
EUR/USD 1.0666 1.0916 1.0709 1.0889
GBP/USD 1.2616 1.2860 1.2661 1.2896
USD/CHF 0.8827 0.9158 0.8853 0.9073
AUD/USD 0.6595 0.6729 0.6648 0.6792
USD/CAD 1.3577 1.3846 1.3572 1.3727
USD/JPY 156.23 163.40 158.27 162.67

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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