The US dollar moved sideways on Tuesday

2024-03-05

Summary:

US dollar held steady Tuesday with traders cautious before key economic data. Canadian dollar weakened due to waning oil prices.

EBC Forex Snapshot, 5 Mar 2024

The US dollar moved sideways on Tuesday as traders shied away from big directional bets ahead of market-moving economic data. The Canadian dollar slipped as oil prices lost steam.

China's National People's Congress sets an ambitious economic growth target of 5% and a budget deficit of 3%. Still that falls short of big stimulus measures markets deemed necessary and hence energy demand woes.

USDCAD

money markets expect the BOC to leave its benchmark rate on hold at 5% on Wednesday but to then begin an easing cycle in April or June as the domestic economy slows and inflation cools.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 26 Feb)		HSBC (as of 5 Mar)
	support	resistance	support	resistance
EUR/USD	1.0694	1.1017	1.0724	1.0919
GBP/USD	1.2476	1.2827	1.2552	1.2729
USD/CHF	0.8551	0.9013	0.8752	0.8903
AUD/USD	0.6443	0.6624	0.6444	0.6598
USD/CAD	1.3379	1.3586	1.3461	1.3629
USD/JPY	146.09	151.91	149.24	150.93

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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