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US Dollar Near Three-Week Low

2024-07-05

EBC Forex Snapshot, 5 Jul 2024


The US dollar was hovering near three-week lows on Friday ahead of payrolls data, while the pound was firm as the Labour party looked set to win a massive majority in the UK general election.


Centre-left Labour was on course to capture 410 of the 650 seats in parliament, affording investors some much-needed certainty after years of market volatility under the Conservatives.

GBPUSD

Markets are also pricing in potentially two rate cuts this year, although the Fed last month forecast just one rate cut for 2024. Fed officials at their June meeting still struck a cautious tone, minutes showed.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 2 Jul) HSBC (as of 5 Jul)

support resistance support resistance
EUR/USD 1.0666 1.0916 1.0711 1.0863
GBP/USD 1.2616 1.2860 1.2652 1.2819
USD/CHF 0.8827 0.9158 0.8867 0.9093
AUD/USD 0.6595 0.6729 0.6629 0.6779
USD/CAD 1.3577 1.3846 1.3557 1.3716
USD/JPY 156.23 163.40 158.26 163.11

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.